A view of Tinnell Memorial Skate Plaza at Rotary Park on Oct. 30, 2021, in Lake Havasu City, Ariz.

Millionaire renter growth is outpacing millionaire homeowner growth. In California, that may not surprise anyone, as housing costs in the state are among the highest in the country. But a new report shows just how much the number of millionaire renters is rising, even in some unexpected places in and around the Golden State. 

The majority of millionaire renters — defined as those renters who have a total annual household income of $1 million or more and who are renting an apartment or house — are still concentrated in California’s largest metros, according to a recent report analyzing census data from apartment rental website RentCafe. Los Angeles had the biggest growth among California cities, with a 609% increase from 2020 to 2024. San Francisco saw a 273% jump and San Jose saw 215% growth during that time. 

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But the growth in one city just outside California’s borders may actually say........

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