• Freshness: as of November 2025
Phoenix millionaires are renting: trends, hot spots and next moves
By Andrea Scheppe, Phoenix REALTOR®
Turns out, not every millionaire in Phoenix wants a mortgage—or a mansion. Many are choosing the freedom of renting first. Think skyline views, valet, gym-to-elevator in 30 seconds, and a 6–12 month runway to pick the exact lot, school boundary, and view line. Want that kind of optionality while you learn the city? Start here: Relocate to Phoenix.
I’m seeing it weekly: touch down, grab a condo with hotel vibes, test-drive a few neighborhoods, then buy with precision. It’s the “try the neighborhood, then pounce” play. We map the lease to your decision windows—new-build timelines, rate moves, bonus season, even summer travel—so you’re not rushed into an address you’ll regret.
Where do high earners land first? Arcadia/Biltmore/Camelback for five-minute coffee runs and spa elevators. Old Town Scottsdale for the “valet → dinner → walk home” loop. North Central for shade trees, estate lots, and fast cross-town access. Moving with kids? We bake in school-boundary checks and rush-hour commute tests in week one.
Local nuance: “lease now, build later” is normal here—valet downstairs, architect on speed dial, site walks on Saturdays.
Planning to buy after a rental scout? Start with the basics, then zoom out with the city overview: Homebuying and Phoenix Overview.
Q: phoenix millionaires renting?
A: Yes—renter households earning ≥$1M have surged since 2019, and Phoenix is one of the fastest risers (IPUMS/Census; RentCafe). Leasing preserves flexibility while you scout the exact address to own.
Buyer vs. renter moves
- Build timing: Lease 6–12 months while you design; switch to own when land + rate math say “go.”
- Liquidity: Keep capital working elsewhere; rent amenities you won’t fully use long-term.
- Tax/hold: Loop in your CPA; weigh Maricopa tax basis vs. short-term lease costs before you ink the contract.
Where wealthy renters choose
Arcadia/Biltmore/Camelback Corridor: Close-in convenience, concierge life, mountain views.
Old Town Scottsdale: Walkable dining, arts, events; easy guest logistics.
North Central: Bigger lots, mature trees, central reach—quiet base, fast access.
New to town and want a soft landing? Tap the plan: Relocate to Phoenix.
Quick checklist
• Timeline (lease length vs. build/close date)
• Neighborhood short list (Arcadia, Biltmore, Old Town, North Central)
• Budget band for amenities/services (concierge, valet, private dining)
• School boundary + commute map (test at rush hour)
• Exit plan (extend-to-own, month-to-month, pre-construction option)
Data at a glance (skip if you’re here for vibes)
Nationally, renter households reporting ≥$1M income expanded from ~4,500 (2019) to ~13,700 (2023)—about a 3× jump—per Multifamily Executive using the University of Minnesota’s IPUMS USA microdata. Phoenix ranks among the sharpest risers in that window: RentCafe.
RentCafe’s metro breakout also frames the local intensity with stats often summarized as “one in nine” millionaire households renting (vs. “one in eleven” a few years prior) and multi-year spikes (e.g., >500% growth mentions), all derived from IPUMS/Census microdata. Always read the footnotes—high-income “top-codes” can make exact counts vary year to year.
Methodology & definitions
We follow the microdata. Counts use ACS/CPS public files via IPUMS USA (University of Minnesota). Survey mechanics (and where extreme incomes get clipped) are detailed in Census ACS technical docs and IPUMS CPS top-codes. Phoenix metro context comes from the IPUMS-based breakout in RentCafe. When two summaries diverge, we show the range and link back to source files.
Definition: “Millionaire renter household” = a renter household reporting ≥$1,000,000 annual income in ACS/CPS microdata accessed via
IPUMS USA; this is income, not net worth.
Risks & unknowns
- Survey tail noise: Extreme incomes are top-coded; direction is solid, exact counts can wiggle IPUMS.
- Supply timing: New towers and concessions flip quickly; shifts are building-specific.
- Macro sensitivity: Bonus season and markets sway luxury leases more than median-rent headlines.
Sources cited inline: IPUMS USA (University of Minnesota); U.S. Census Bureau ACS technical documentation;
analysis via RentCafe and Multifamily Executive.
