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Boston beats LA again: Report finds we have bigger share of high-income renters

News Boston
About 11 percent of renters in Boston are high-income earners. AP Photo/Bill Sikes

Rents are apparently not the only thing on the rise in Boston’s housing market.

The number of high-income renters, tenants making at least $150,000 a year, has soared over the past decade here and in the United States as a whole, the apartment search website RENTCafe reports.

Boston cracked the top 10 list of cities where tenants with deep pockets rented the most properties, with about 11 percent of renter households here falling into that category. That’s more than in Los Angeles, where 7.6 percent of renters are top-earners, and just behind New York, which clocked in at 11.7 percent, according to the report.

San Francisco, home to a famously expensive and competitive market, secured the No. 1 position in a landslide, with 31.2 percent of its renters earning that six-figure salary at a minimum, according to the report. San Jose, at 21.1 percent, and Washington, D.C., with 13.9 percent, round out the top three.

Over the past decade, top-bracket earners around the country have generally opted to rent at a faster rate than those who decided to buy property, according to RENTCafe, which analyzed US Census data for its research.

That bracket of renters has also grown more than any other income level signing leases over that 10-year period, the report says.

“As a matter of fact, from 2007 to 2017, the numbers of those rich enough to own, yet who still prefer to rent grew by 175 percent,” Alexandra Ciuntu writes in a RENTCafe blog post. “That’s compared to a decade-long increase of 67 percent in homeowners within the same income bracket.”

Boston had the 10th most top-earner households who make north of $150,000, with 19,000 renters, coming in close behind Seattle (21,000).

As for where the highest population of the country’s wealthiest renters reside, that title belongs to Boston’s rival to the south.

New York topped the list with reportedly 249,000 top-earners calling that city home.

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