Millionaire Renters Are Quietly Transforming California Suburbs

The archetype of the California millionaire once revolved around lavish Bay Area penthouses or beachfront estates in Los Angeles. But over the past few years, a quiet yet steady shift has been reshaping that narrative. According to recent data from RentCafe, an increasing number of millionaire renters are opting to live in California suburbs once seen as unlikely destinations for the wealthy.

Between 2019 and 2023, cities like Oxnard, Santa Rosa, and Santa Maria experienced a noticeable uptick in high-net-worth renters. Oxnard, a coastal city northwest of Los Angeles, recorded zero millionaire renters just six years ago. Today, that number has climbed to 93. Meanwhile, Santa Rosa—nestled in Sonoma County’s wine country—added 47 millionaire renters in the same time frame, a reflection of how affluent professionals are increasingly favoring quieter, lower-density regions that still offer proximity to major urban hubs like San Francisco.

Jacqueline Both, a senior analyst with RentCafe, explained, “The COVID-19 pandemic pushed many affluent renters to reconsider their priorities. Remote work opened up new possibilities, and places that offer space, natural beauty, and better air quality became far more appealing—especially when compared to the congestion and costs of cities like L.A. and San Francisco” (Miller).

This demographic shift isn’t merely anecdotal. According to RentCafe, the number of millionaire renters nationwide tripled between 2019 and 2023. California, already a hotspot for wealth, saw a particularly dramatic increase, even in cities not typically associated with luxury living. For example, Santa Maria, situated near the Central Coast’s wine region and Vandenberg Space Force Base, attracted 44 millionaire renters. Merced, a gateway to Yosemite and home to the newest University of California campus, added 32.

Interestingly, this isn’t just a coastal or scenic phenomenon. Inland cities like Sacramento and Stockton have also experienced this surge. Sacramento gained 32 millionaire renters, while Stockton—known more for its affordability than affluence—added 16.

Real estate analysts point to a few converging reasons behind the rise in wealthy renters. Skyrocketing home prices across much of California have led even affluent individuals to rent instead of buy, often by choice. Many prefer the flexibility, liquidity, and convenience of renting, particularly amid economic uncertainty and fluctuating interest rates. Some also see renting as a strategic pause before investing in real estate again.

The rise in millionaire renters is mirrored by a corresponding surge in wealthy homeowners. Cities like San Luis Obispo saw their millionaire homeowner population grow 17-fold over the past five years, further signaling that formerly overlooked areas are evolving into wealth hubs.

While Los Angeles and San Francisco continue to lead the nation in sheer numbers—each seeing their millionaire renter populations more than triple—the broader trend suggests a decentralization of wealth in California. Once-affordable suburbs and secondary cities are now home to renters with stock portfolios, startup earnings, or tech salaries that exceed seven figures.

What’s driving this quiet transformation is not just affordability, but lifestyle. These renters want room to breathe, access to nature, and communities that offer both culture and calm. And in today’s hybrid world, they can afford to choose.

Sources:

Miller, Ariana. “Unlikely California Cities Becoming Havens for Millionaire Renters.” SFGATE, 9 July 2025, www.sfgate.com/realestate/article/calif-suburbs-gaining-millionaire-renters-20761106.php.

RentCafe. “Number of Millionaire Renters in the U.S. Triples Over Five Years.” RentCafe.com, 2024, www.rentcafe.com/blog/rental-market/market-snapshots/millionaire-renters-growing-us/.