Number Of Austin Wealthy Renters Grows Exponentially

AUSTIN, TEXAS — Austin has lured three times more wealthy renters than a decade ago, according to a study released on Friday.

Across the country, more than 1.35 million American households earning $150,000 have become renters in the last decade, according to a new RENTCafé study. That represents the fastest-growing renter segment in the country, with a 175 percent increase between 2007 and 2017, the study's findings show.

No stranger to the trend, Austin landed among the top 20 cities seeing such growth. The number of high-income households living in rentals throughout the capital city multiplied by 3.2 (from 4,100 to 13,300) in the past decade, researchers found. As for high-earning Austin homeowners, in 2017 they had increased only two times over 2007, but still reign when looking at net numbers — from 25,300 to 50,300.

Other Texas cities made the list, including Fort Worth (ranked fourth in wealthy renter growth across the U.S. overall); San Antonio (11); and Dallas (20). Austin ranked 19th in the country among cities seeing the most growth of wealthy renters.

Seattle topped the list, researchers found. The city leads the top 20 cities that have seen the most significant increases in the number of wealthy renter-occupied households, with 7.4 times more renters who earn more than $150,000 per year than ten years ago, followed by Charlotte with 5.2 times more high-earning renters.

Read the full study here.

Get Patch's Daily Newsletters and Real Time Alerts

>>> Top image: Dubbed the "Jenga tower" for its unusual architecture, The Independent — the city's tallest building at 690 feet — is among the recently built residential structures accommodating a growing influx of wealthy renters. Photo by Tony Cantú/Patch staff.