A new wave of wealth is reshaping Phoenix’s housing market, making it the fastest-growing millionaire hub in the United States. Between 2019 and 2023, the number of millionaire renters in Greater Phoenix rose by 519%. Renting was once viewed as a temporary step toward homeownership. Today, for many affluent individuals, it has become the destination rather than the interim. And with that increase in millionaire renters has come a focus on luxury rentals.
The reasons are clear. Flexibility, amenities, and lifestyle often take priority over the obligations of ownership. Buying a home can offer long-term investment potential, but it also brings maintenance, significant commitments, and exposure to market fluctuations. For a growing group of wealthy newcomers – younger executives, tech founders, and entrepreneurs drawn to Phoenix’s thriving job market – renting offers freedom and peace of mind.
This shift opens the door for communities to combine thoughtful design, high-quality service, and opportunities for connection in ways that reflect how affluent renters want to live. Luxury renting is evolving into a category defined by choice, not compromise. Communities such as The Bergen show that when design, curated amenities, and attentive support work together, luxury leasing can rival the experience of ownership. For the industry, it is an invitation to think differently about what “home” means for people whose wealth gives them more options than ever before.
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Why Are the Elite Choosing to Rent?
Lock-and-Leave Lifestyle: Flexibility Over Permanence
Many high earners value the freedom to live where they want, when they want, without the long-term commitment that comes with owning a home. Maintenance, property taxes, repairs, and renovations can quickly become burdens they prefer to avoid.
One of the greatest attractions of luxury leases is the true lock-and-leave lifestyle. Residents at The Bergen benefit from round-the-clock concierge support, ensuring their home is cared for while they focus on business, travel, or leisure — a level of convenience that is difficult to match in a single-family residence.
Lifestyle Matters More Now
Luxury leasing properties today are judged by more than square footage. Affluent renters increasingly seek homes that simplify daily life while offering comfort and connection. Properties like The Bergen illustrate this shift by pairing 24/7 concierge assistance with inviting lounges, a pool deck, and intimate gathering areas, along with private residences that allow people to enjoy both independence and a sense of community. These qualities are becoming the standard rather than an added bonus.
Risk Management
Rising mortgage rates, market fluctuations, and unpredictable property taxes make ownership less appealing for some high-net-worth individuals. Leasing a home that provides the comfort and status of ownership without long-term obligations allows them to remain agile while maintaining a premium lifestyle.
What It All Means in the Bigger Picture
This trend reflects a broader redefinition of luxury. It is less about permanence and more about freedom from burdens. Residents are trading maintenance headaches for seamless services, large yards for dynamic social spaces, and ownership rigidity for mobility and convenience.
As hybrid work and frequent travel become the norm, having a team that manages logistics — from valet to home care to concierge planning — makes renting feel closer to membership in an exclusive club than a traditional lease.
Privacy combined with curated interaction through lounges, event spaces, and private dining rooms answers a common drawback of large complexes: anonymity. The Bergen keeps its scale intimate so residents can enjoy community without sacrificing personal retreat.
Time savings and reduced mental load often outweigh the perceived benefits of ownership. When landscaping, repairs, and vendor coordination are no longer concerns, that peace of mind becomes its own form of luxury.
Next Steps for the Luxury Rental Market
For developers and real estate professionals, the demand is clear. Affluent renters in Phoenix and Scottsdale increasingly expect high-touch service, elevated design, and built-in opportunities for connection. Communities that treat luxury leasing as a deliberate choice, not a fallback — will shape the next chapter of upscale housing.
The Bergen is proud to be part of that movement, showing how thoughtful design and hospitality-level service can meet the expectations of today’s high-net-worth residents while pointing the way for future development.
Author: John Beck works in Leasing & Concierge at The Bergen.
