The City Saw A 86% Spike In Rich Renter Community Since 2015 [RentCafe Study]
After a spectacular 82% growth since 2015, the number of high-income renters has reached 2.6 million nationwide. What’s more, we discovered a new type of tenant among the high-heeled renters: the millionaire renters, whose number has tripled in the past 5 years.
In Fort Collins, the number of rich renters increased by 86% since 2015. Following Denver and Aurora, it is the third city in Colorado that has seen such a major change in its wealthy renter population.
Here are the main highlights:
- Fort Collins boasts more than 1,100 well-off renters. Compared to 2015, the city had only 597 high-heeled renters. In addition, rich renters now represent 4% of the city’s total renter population.
- Despite its growing high-income renter population, Fort Collins didn’t secure a spot in the top millionaire renter hotspots ranking, where major urban areas such as New York, San Francisco and Los Angeles took the lead.
- What’s going on in other Colorado markets? Denver is the undisputed leader in Colorado amid a 130% increase in high-heeled renters. What’s more, it has got the biggest rich renter community in the state (12,490 residents). In nearby Aurora, high-income renters have more than doubled in the past 5 years. While Colorado Springs and Lakewood lag behind Fort Collins due to a lower increase in high-earning apartment dwellers.
- Nationwide, the number of renters with annual incomes of more than $150,000 grew by 82% between 2015 and 2020, faster than renters overall, who inched up by 3.2% during the same timeframe. Meanwhile, the number of millionaire renter households tripled during those 5 years.