Florida has always pulled in sunshine seekers, retirees and snowbirds. A newer group is showing up in the rental data too: high-income households that would rather rent than buy. For a Naples investor, the practical question is whether a national trend means steady, rising rent on a Collier County property. This post separates what the data supports from what it does not.
Key Takeaways
- RentCafe found that renter households earning $1 million or more a year grew from 4,500 to 13,700 across the U.S. between 2019 and 2023, faster than millionaire homeowner households.
- Naples apartment asking rents slipped to $2,095 per unit in Q2 2026 from $2,230 a year earlier amid new supply, so the national trend is not lifting rents here.
- Investors in Collier and southern Lee County should underwrite on current local rents and community lease rules, not on national millionaire renter headlines.
What the millionaire renter data actually says
The figures behind this trend come from a RentCafe analysis of IPUMS census data, published June 2025. RentCafe defines a millionaire renter as a household with annual income above $1,000,000 that rents, so this is an income measure, not net worth.
Between 2019 and 2023, renter households in that income bracket grew from 4,500 to 13,700, a 204% increase. Millionaire homeowner households also grew, from 52,966 to 142,320, a 169% increase. Homeowners are still the large majority, but renters are growing faster, and RentCafe now counts roughly 1 in 11 millionaire households as renters. The report ties the shift to stock market gains, tech sector growth, remote work, and a preference for turnkey living over the upkeep of owning.
In Florida, the report singles out Miami, where the number of millionaire renters in 2023 was 11 times the 2019 level. It does not break out a Naples figure. That matters for anyone reading the headline as a Naples rental forecast, and it is also worth remembering that the data stops at 2023.
What is happening to Naples rents right now
Local conditions in 2026 look different from the headline. The Lee & Associates Q2 2026 Naples multifamily report describes softening rent growth, localized rent decreases, and a market correcting because of new supply. The same report says Collier County remains one of the least affordable rental markets and that the region still draws higher-income households through steady wealth migration.
| Naples multifamily indicator | Q2 2026 | Q2 2025 |
| Asking rent per unit | $2,095 | $2,230 |
| Vacancy rate | 11.6% | 14.6% |
| 12-month absorption (units) | 1,040 | 423 |
| Units under construction | 2,861 | 1,403 |
| Cap rate | 5.56% | 5.38% |
Asking rents are down about 6% year over year, and vacancy has risen from 10.3% in Q1 2026 to 11.6%, even though absorption has more than doubled. Demand is real, but new construction is keeping pace with it. One caution: this is apartment data. Luxury rentals in downtown and waterfront Naples are a separate segment that this report does not isolate.
What this means for Naples buyers and investors
Do not assume wealthy renters equal rising rents. National growth in millionaire renters does not guarantee demand for your specific property type, community or price point. Underwrite on today’s local rents.
Check the purchase side too. In our SWFL real estate market update, the July 2026 NABOR data showed the Collier County single-family median up 12.9% to $745,000, with single-family inventory down 20.3% to 2,171 homes. Higher purchase prices alongside softer rents is exactly the combination your numbers should test before you make an offer.
Confirm the rules before you buy. Rental rules vary by community, so confirm HOA or community lease restrictions, and build insurance and HOA fees into your projected return. Our investor services page covers how we approach income properties across Naples, Marco Island, Bonita Springs, Estero and Fort Myers.
Plan for newcomers who want to learn the area first. Higher-income households moving to Southwest Florida may rent for a season before they buy. If you are weighing a move yourself, our high net worth real estate team handles relocation support and private showings.
Frequently Asked Questions
Are millionaire renters moving to Naples?
The RentCafe report shows national and metro-level growth but gives no Naples figure. Lee & Associates describes steady wealth migration into Southwest Florida in its Q2 2026 report, yet Naples apartment asking rents still fell year over year because of new supply.
Are Naples rents going up or down in 2026?
Slightly down. Asking rent per apartment unit was $2,095 in Q2 2026 versus $2,230 in Q2 2025, with vacancy at 11.6%. Collier County is still one of the least affordable rental markets, per the same report.
What counts as a millionaire renter in the RentCafe report?
A household with annual income above $1,000,000 that rents its home. The measure is income, not net worth, and the data covers 2019 to 2023.
What should I check before buying a rental property in Naples?
Start with three things: HOA or community lease restrictions, current local rents for your property type, and total ownership costs including insurance and HOA fees. Our investor team can pull comparable rents for the community you are targeting.
Talk to a Naples investor team before you buy
The millionaire renter trend is real nationally, but Naples rent data says to be selective and let local numbers drive the decision. Led by Broker/Owner Nella DeCesare, Florida Listing Experts works with investors across Collier and southern Lee County. Call us at 239-919-0933 or visit our investors page to start with the numbers for your target community.
