Boston has one of the highest shares of luxury and ultra-luxury homes for rent among the 100 largest cities in the U.S.

A new report from Point 2 Homes found not only is demand for single-family homes for rent exploding, the trend of building new homes to rent has nearly quadrupled from 2021. 

And while the report found that newly built single-family homes for rent already look like million-dollar homes, “luxury and ultra-luxury houses for rent bring the art of mortgage-free and stress-free living to a whole new level.”

Point 2 Homes analyzed the inventory of single-family homes for rent in the 100 largest U.S. cities, ensuring each had at least 50 listings (all 100 cities met the criteria). Two categories of luxury homes for rent were considered. Tier 1 includes luxury homes with monthly rents above $5,000, while Tier 2 consists of ultra-luxury homes with monthly rents exceeding $10,000.

The report found luxury and ultra-luxury homes for rent are most prevalent in California where cities with the highest shares of luxury homes for rent are. But the East Coast also has its fair share. 

Boston ranked third on the list with 42.69% of luxury homes for rent and took the 15th spot in the ultra-luxury home category with 2.77%. 

Irvine, California, topped the list with 73.56% of luxury homes for rent and 11.54% of ultra-luxury homes. It was followed by Los Angeles, ranked No. 2 with 58.9% of luxury homes for rent and 28.97%of ultra-luxury. San Diego took the No. 4 spot with 40.75% and 7.93% and Anaheim, California, rounded out the top five with 40.21% and 9.28%.