'Newest Millionaire Renter Hotspots' is Raleigh; luxury living driven by NC's tech industry
RALEIGH, N.C. (WTVD) -- Raleigh has been named one of the newest Millionaire Renter Hotspots.
Rent Café now finds that one in 11 millionaires are renters and the City of Oaks specifically has seen a rise in millionaire renters between 2019 and 2023.
Keller Williams Realtor Erica Sizemore says these clients are drawn to luxury buildings with all the bells and whistles, and they want the ability to quickly leave when career opportunities arise.
She says the tech industry's strong footprint in the Triangle is driving the trend, and the increase of wealthy renters is impacting the overall rental market.
"It has definitely put more pressure on prices and we're seeing them increase across the board," said Sizemore.
She says the findings speak to a market shift of people are weighting whether the benefits of renting versus owning.
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"The average age in the 1980s used to be 29, where people would buy their first home. Now we're seeing it at last year about 38 years old," said Sizemore. "Housing has started costing more."
According to Apartments.com, the average rental price for June 2025 in Raleigh is $1,404. Its average is lower than Charlotte's.
