Renting for luxury: high-income renters are here to stay

The American Dream, go to college, find a good job, get married, rent a house? According to the Real Deal article on high-income renters, renting is more attractive than buying a home, even with the money in your bank account. 

“There’s a growing body of evidence that the rise of high-income renters is more than a passing fad. A RentCafé report published last month said there were 3,400 millionaire rental households in the United States as of 2020, more than tripling the volume from 2015. New York City easily led the way with 2,500 of those households.”

Renting offers a flexible option for a wide range of incomes. High-income renters are choosing to rent due to the luxury amenities like gyms, home tech, and transportation accessibility that don’t come with buying a home. Renting is the more attractive option for high-income renters and the only option for low-middle-income renters who can't afford a home.

“The effect of a rising tide of wealthy renters is a more competitive market, Harvard University researcher Whitney Airgood-Obrycki told the Journal, which could put more pressure on low-and middle-income renters.”

A demanding market leads to an increased workload of reviewing rental applications, processing fees, and turning over units for property managers. 

Rhino+ is the first digital deposit management platform providing financial flexibility, transactional ease, and cash mobility from our portal. We aim to provide a frictionless transaction experience for renters and property managers. 

Renters expect a seamless rental experience. That’s why we make cash deposit management easy. Based on eligibility, renters can purchase a low-cost insurance policy in substitute for their cash deposit or pay their cash deposit through our digital platform. 

For property managers, it does not matter which option the renter chooses. Cash deposit management has always been challenging. We’re here to make the move-in process more straightforward. All you need to do is send an invite and let your renters handle the rest. Once the sign-up process is complete, you can view all your deposits through our Rhino portal: no more physical checks or manual reporting. 

High-income renters leaned into the transactional ease and additional offerings renting provides. Low-middle-income renters are looking for affordable options. Property managers need the time back. 

Rhino+, an experience-focused product for the next generation of renters and property owners.

Lillian Hinkle

Lillian Hinkle is a Brand and Product Marketer at Rhino.