The number of millionaires nationwide has tripled since 2019, and one in 11 of them now rents. Boston has become one of the fastest-growing hotspots for these ultra-wealthy individuals, according to a study by RentCafe.

Using data from the Institute for Social Research and Data Innovation at the University of Minnesota, RentCafe found that the number of millionaire homeowners in Boston increased by 196% between 2019 and 2023, while the number of millionaire renters boomed by an impressive 418%.

While trends are shifting, still far more millionaire households own homes than rent them. In Boston, around 6,100 millionaires own homes, while just over 550 rent.

“[A]ffluent individuals are increasingly drawn to the flexibility and amenity‑rich offerings of high‑end rental properties,” researchers said. “This surge in renter millionaires can be traced to multiple factors, including robust stock market gains over the last five years, the expansion of the tech sector, the rise of remote work enabling location flexibility and a growing preference for turnkey living solutions over the responsibilities of homeownership.”