Houston and Dallas are attracting millionaire tenants faster than any other cities in the country. What’s convincing them to rent rather than buy?
Houston ranks first and Dallas ranks second in the country for millionaire renter growth, according to RentCafe, which considers a “millionaire” as any household earning $1 million or more a year. In 2019, there were seven households with an income over $1 million renting in Houston; in 2023, there were 179. In Dallas, that number jumped from 14 to 185 in the same period.
Two classes make up this trend, according to brokers who specialize in luxury rentals: those who prefer the amenities and recreation available to high-end downtown apartments, and short-term renters who plan to buy a home in the area. Both are likely following their employers to Texas.
Dallas-Fort Worth attracted more corporate headquarters than any other metro in America between 2018 and 2024. Houston ranks fifth for corporate relocations, according to Visual Capitalist. This relocation “has brought the need for temporary housing for affluent, white-collar executives,” said Doug Kessler, Yardi Matrix manager of business intelligence.
Downtown luxury apartments serve as weekday residences for some in this demographic. Others, especially on the younger side, prefer urban apartments as primary homes. Survey respondents cited hiking trails, sports arenas, golf courses and other recreational centers as primary considerations.
“Community, the things that surround housing, really factors into people’s decisions,” Kessler said.
Demand for high-end, resort-style housing is motivating developers to serve recreational interests in new multifamily buildings. Crescent Real Estate is investing in a residential tower near the Katy Trail, and the new London House condo high-rise in River Oaks — known for trails and golf — quickly sold all its units this year.
Meanwhile, two of the three most expensive single-family homes for rent in Houston are in River Oaks, and the third is in the adjacent Greater Uptown neighborhood. In the Metroplex, including Fort Worth, the most expensive rental homes cluster in the Dallas neighborhoods of Highland Park — another golf hotspot — and Preston Hollow. The priciest is a six-bedroom Preston Hollow house available for $40,000 a month. Blake Lamb of Briggs Freeman Sotheby’s International Realty has the listing.
Renters at this price point are typically relocating from another state, Lamb said. Among this group, some tenants — professional athletes, for example — don’t know how long they’ll be in the city. Others are preparing to build or buy a permanent home in the area. Both prefer fully furnished turnkey homes while they search.
“Typically, nine months to a year is what’s common,” Lamb said of luxury leases.
Erwin Nicholas II, a Houston broker who specializes in “athletes, entertainers and high-net worth individuals,” also finds millionaire clients relocating from out of state and wanting to shop neighborhoods before making a purchase.
“To make the adjustment to Texas is a real life-changing shift,” Nicholas said. “So maybe just testing out the waters for six months to a year is ideal before you really get to see and value Houston for what it is.”
Renters seeking single-family homes tend to have children, so schools are a major consideration, said Bryan Lipchitz, a broker at Rogers Healy and Associates who has the listing for 5441 Sewanee Avenue in Highland Park, asking $30,000 a month.
Lipchitz said the “private school corridor,” staked roughly along the Dallas North Tollway between Highland Park and the north intersection of Interstate-635, bumps up rental prices for incoming families hoping to enroll their children in prestigious private schools like St. Mark’s, the Hockaday School or Jesuit Preparatory.
