A growing number of higher-earning millennials are driving the burgeoning lifestyle renting market, as many would-be buyers are bowing out of the residential real estate market.

The share of rental applications for renters earning more than $50,000 is at a five-year high of 39%, according to new research from RentCafe, and rental applicants are making an average of 10% more this year than last year.

"Lifestyle renters have above-average incomes that would allow them to buy in a less competitive market," RentCafe's Alexandra Ciuntu says. "Renting with a bigger budget allows them to live in amenity-rich, higher-quality apartments."

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