By J. Graber | Daily Independent
The American dream is supposed to be get rich, buy a home and live happily ever.
Well, that might be changing a little, especially in Scottsdale.
Affluent renters have skyrocketed in recent years, driving up the demand for luxury single-family rentals in Scottsdale and the United States, according to a recent report by international real estate search portal Point2.
The report says renters in the highest income range, those earning more than $150,000 per year, grew by 105%. That is faster than all other income groups.
“In fact, according to an analysis of IPUMS Census data, the number of millionaire renter households more than quadrupled (470% increase) between 2017 and 2022, while renters earning $150,000 or more reached nearly 3.8 million,” the report states.
These people want “modern amenities, extra space, and no mortgage hassles,” according to Point2 spokeswoman Carmen Rogobete.
“There are several reasons driving affluent individuals to choose renting over owning,” she said in an email to the Daily Independent. “One major factor is flexibility. Renting allows them to enjoy luxurious accommodations without the long-term financial commitment and responsibilities of homeownership. It also provides the freedom to easily relocate or upgrade to different luxury properties as their lifestyle preferences evolve. Additionally, renting can offer access to desirable neighborhoods that might be cost-prohibitive to purchase outright.”
Scottsdale is listed eighth in the nation’s 100 largest cities for luxury rental housing, according to the report, which shows 34.05% of the city’s single-family rental stock is considered luxury homes.
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