Did you know that Atlanta millionaires often choose renting over owning a home? While that seems strange in comparison to traditional wealth patterns, it’s true for many individuals with seven-figure incomes in the metro area. Let’s explore why Atlanta is nationally ranked number 10 for millionaire renters.

Atlanta Millionaire Renters

According to a RentCafe study, one in 11 (9.1%) Atlanta households with a seven-figure income choose for-rent housing. As residents continue to rent in place of homeownership, Atlanta is an established national hotspot for renters. The Georgia city rounds out the national top 10 for millionaire renters, boasting 221 households with a seven-figure income. How does that compare to high-earning homeowners? Atlanta is home to 2,253 millionaire homeowners and is ranked 13th nationally.

Other fast-growing hubs include Miami, Fla., with 7.1% millionaires who rent; Phoenix, AZ, with one in nine high-income renters and 8.2% of millionaires who rent in the Boston, MA market. Nationally the average of renters with a seven-figure income comes out the same as the Atlanta market – one in 11.

Generational Divide

The surge in millionaire renters is largely thanks to Millennial and Gen X households. Between the two generations, Gen X is more likely to be high-earning, while Millennials offer the push toward renting. According to data from 2019 to 2023, high-income Millennials surpassed Gen X millionaires who own homes by 60%. Baby boomers with seven-figure incomes lean toward homeownership but are outnumbered by the sheer amount of Gen X millionaires in the Atlanta market.

Booming Industry

It’s no secret that Atlanta is a leader in business growth and career opportunities. The presence of Hartsfield-Jackson International Airport and major roadways make it a favorable hub for corporate development and expansion. Long-time employers such as Lockheed Martin, Dobbins Air Force Base and Coca-Cola offer high-wage jobs at residents’ fingertips, while newer corporate headquarters in town continue to add to the population.

Atlanta is a leading market for millionaire renters, thanks to a flourishing job market and favorable business climate. Industry is prospering and making room for high-earning professionals while the influx of new hires looks toward renting as an intown housing option.

Where to Rent in Atlanta

As more and more renters flock to Atlanta, the demand for housing is being met by build-to-rent (BTR) communities across the state. Discover where to find BTR and why BTR is popular:

• Ranch Cottages for Rent – Designed by Jim Chapman Construction Group, these cottage communities offer two- and three-bedroom homes. Onsite amenities are a major draw, featuring clubhouses, pools, cabanas and dog parks. With lawn care and exterior maintenance included, low-maintenance living couldn’t be easier!
• Parkland Residential – A leader in the BTR market, Parkland Residential has several established BTR communities across the metro area, including single-family homes and townhomes. Onsite management is available and all communities are pet-friendly.
• ResiBuilt – With over 1,500 rental properties across Georgia, Florida and the Carolinas, ResiBuilt brings experience and quality craftsmanship to its BTR communities in growing markets.