Point2: Amid Build-to-Rent Boom, California Sees Most Luxury Options

(Image courtesy of Point2; Breakout image courtesy of Chris Smith/pexels.com)

Point2, Saskatoon, Saskatchewan, released an analysis finding that five of the top 10 cities with the highest shares of luxury houses for rent are in California

The top 10 cities by share of luxury houses for rent were Irvine, Calif.; Los Angeles; Boston; San Diego; Anaheim, Calif.; San Francisco; Honolulu; Scottsdale, Ariz.; Miami; and Arlington, Va.

Luxury houses for rent were defined as single-family homes with monthly rental rates above $5,000.

The top 10 cities by share of ultra-luxury houses for rent were Los Angeles; Honolulu; Miami; San Francisco; Irvine, Calif., Anaheim, Calif; San Diego; Scottsdale, Ariz.; New York; and Phoenix.

Ultra-luxury houses for rent were defined as single-family homes with monthly rental rates above $10,000.

However, the percentage of ultra-luxury houses for rent was smaller overall.

This is in line with some recent trends, Point2 noted, including increases in build-to-rent construction of single-family homes.

Moreover, larger chunks of high-income consumers are renting, with renters earning $150,000 or more up to 3.8 million. According to a Point2 analysis of IPUMS Census data, the number of millionaire renter households rose by 470% between 2017 and 2022.