Million-dollar incomes, monthly rent: Naples, Tampa gain wealthy tenants

A seven-figure income doesn’t always come with a mortgage. From Naples to Tampa Bay, households earning at least $1 million a year are increasingly entering the rental housing market, according to a new RentCafe report. Sarasota also made the apartment search website’s list of emerging markets for those high earners. Naples posted the country’s second-fastest growth in millionaire renter households on RentCafe’s ranking, trailing only Houston. Its estimate rose from seven households to 76, a 986% increase. That put Naples level with the much larger Tampa metro, where the estimated number climbed from 21 to 76, up 262%. Tampa ranked No. 15 for growth, edging past the national increase of 229%. The figures, published Oct. 15, come from RentCafe’s analysis of U.S. Census Bureau data it accessed through the Integrated Public Use Microdata Series, or IPUMS. RentCafe defines “millionaire” households as those with a combined annual income of at least $1 million.

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