20 Best Cities To Rent a Luxury Home

TerryJ / Getty Images

The interest in renting single-family homes has increased in recent years, so many new construction homes have been built with the purpose of serving as rentals. In 2023, a total of 27,500 houses for rent were completed, representing a 75% year-over-year increase, RentCafe reported.

Some of these new-construction rental homes cater to those with a taste for luxury, allowing their residents to enjoy the high life without a mortgage and other homeowner costs. These high-end single-family homes tend to be clustered in certain major cities — namely in California, but in other states across the U.S. as well.

Check Out: Barbara Corcoran: 3 Cities To Invest In Real Estate Now Before Prices Skyrocket

See More: Become a Real Estate Investor for Just $1K Using This Bezos-Backed Startup

Here’s a look at the cities where the highest share of singe-family homes for rent fall into the luxury category, as identified by Point2.

©Courtesy of Redfin.com

1. Irvine, California

• Share of luxury houses for rent: 73.56%

Watch Out: Don’t Buy a House in These 10 US Cities: Growing Populations and Overcrowding

Cheaper Housing: 7 Locations Where Housing Prices Are Plummeting Post-Pandemic

Wealthy people know the best money secrets. Learn how to copy them.

©Zillow

2. Los Angeles

• Share of luxury houses for rent: 58.9%

Read More: Cheapest Places To Buy a Home in Every State

©Redfin

3. Boston

• Share of luxury houses for rent: 42.69%

©Redfin

4. San Diego

• Share of luxury houses for rent: 40.75%

pixeldigits / Getty Images

5. Anaheim, California

• Share of luxury houses for rent: 40.21%

danielzgombic / Getty Images

6. San Francisco

• Share of luxury houses for rent: 36.92%

Expert Advice: Dave Ramsey: Why You Shouldn’t Pay Off Your Mortgage Early Even If You Can

JamesBrey / Getty Images/iStockphoto

7. Honolulu

• Share of luxury houses for rent: 36.84%

©Courtesy of Redfin.com

8. Scottsdale, Arizona

• Share of luxury houses for rent: 34.05%

Kamira / Shutterstock.com

9. Miami

• Share of luxury houses for rent: 33.43%

©Zillow

10. Arlington, Virginia

• Share of luxury houses for rent: 29.67%

Southern Living: 4 Reasons You Might Regret Buying a Home in Florida

Pgiam / Getty Images

11. Washington, D.C.

• Share of luxury houses for rent: 29.09%

David Barger / Flickr.com

12. Chula Vista, California

• Share of luxury houses for rent: 24.1%

©Zillow

13. San Jose, California

• Share of luxury houses for rent: 22.49%

For You: I’m a Home Staging Expert: Watch Out for These 5 Staging Red Flags When You’re Buying a Home

©Zillow

14. Seattle

• Share of luxury houses for rent: 20.97%

©Zillow

15. Santa Ana, California

• Share of luxury houses for rent: 19.61%

©Zillow

16. New York

• Share of luxury houses for rent: 18.12%

©Zillow

17. Oakland, California

• Share of luxury houses for rent: 16.59%

Spend Less: 5 Midwest Cities Where You Can Buy Luxury Homes for $100,000 or Less

VistaBee / Compass

18. Dallas

• Share of luxury houses for rent: 15.71%

©Redfin

19. Phoenix

• Share of luxury houses for rent: 13.46%

©Zillow

20. Riverside, California

• Share of luxury houses for rent: 12.84%

Data is sourced from Point2 and is accurate as of June 11, 2024.

More From GOBankingRates

• I Have Driven Over 250 Car Models: These Are the 3 Best and Worst for Your Money

• Why Many Regret Moving to Florida Post-Pandemic

• 3 Things to Do This Week If You Have Debt

• 3 Things You Must Do When Your Savings Reach $50,000

This article originally appeared on GOBankingRates.com: 20 Best Cities To Rent a Luxury Home