More high-income households than ever are renting: Between 2016 and 2021, the number earning $150,000 or more rose 87 percent to result in over three million such households out of the 44 million that rent, according to the U.S. Census Bureau. The South and Southwest, including Phoenix, saw a surge in high-income renters moving there during the pandemic. Why? A mid-six figure income still isn’t enough for some to comfortably afford to buy, meaning demand should stay strong. Others eschew commitment or don’t see the value in buying. While some are renting single-family homes from investment companies or build-to-rent developers, multifamily is catering to this segment with highly amenitized buildings.