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    Classrooms of the future

    Rice University breaks ground on massive business school expansion

    Eric Sandler
    May 10, 2024 | 3:00 pm

    Houston’s Rice University already has one of the country’s top business schools, and a new facility could further enhance its lofty reputation. On Thursday, May 9, the school announced it had broken ground on a new, 112,000-square-foot building for the Jones Graduate School of Business.

    The still-unnamed building will serve as a compliment to McNair Hall, the business school’s current home that opened in 2002. With the growth in enrollment of both full-time MBA students as well as hybrid programs that include both on campus and remote learning, the Jones School’s faculty has increased by 41 percent, according to a release. The new building will also better help the school host events such as the Rice Business Plan Competition, Rice Energy Finance Summit and the Women in Leadership Conference.

    “We are energized by the momentum of our innovative new programs, the addition of new faculty and students and a fresh outlook on the future,” said Peter Rodriguez, dean of the Jones Graduate School of Business. “Our commitment is to attract more talented and innovative students, faculty and staff to Rice, who will further improve our programs and research capabilities. This wonderful new facility is critical to fulfilling that commitment.”

    Rice turned to New York City-based Architecture Research Office (ARO) to design the new facility. Built above an existing parking garage to help protect against flooding, the building’s structure will wrap around the south and west sides of McNair Hall to create new outdoor public spaces between the two buildings. By adding a glass facade and a coffered roof, it will transform an outdoor courtyard into an indoor/outdoor atrium with a skylight. Inside, students will have access to two, 120-seat classrooms as well as two, 65-seat classrooms. A dining area will offer both indoor and outdoor seating.

    Critically, ARO and Nelson Byrd Woltz Landscape Architects have taken steps to ensure that the new building doesn’t detract from the Twilight Epiphany Skyspace installation by James Turrell. An angled facade will ensure that the building’s light doesn’t compromise views from within the installation. In addition, large windows in one of the building’s event spaces will provide a clear view of the artwork.

    “With the opportunity to design this new building on Rice’s historic — and exceptionally beautiful — campus comes an enormous responsibility,” added Stephen Cassell, ARO’s principal-in-charge for the project. “Our task is to deliver an integrated and contextual yet forward-looking structure that embodies Rice Business’s focus on the future as it continues to grow.”

    Along with the groundbreaking, Rice Business announced a $40 million fundraising campaign. The project is expected to be completed in spring 2026.

    Rice Jones Business School rendering

    Courtesy of ARO

    Construction is expected to finish in two years.

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    in demand

    Houston leads the U.S. with the biggest surge in millionaire renters

    Amber Heckler
    Oct 16, 2026 | 2:30 pm
    Houston skyline downtown at night
    IdeasLaboratory.com
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    The number of millionaire renters and homeowners in the U.S. has surged over the last five years, and Houston has soared ahead of the rest of the country with the largest growth rate among these affluent renter households.

    Houston leads the nation with the No. 1 increase in millionaire renters from 2020 to 2024, a new RentCafe study found. The number of these wealthy households increased from 18 to 232 over the last five years, representing an impressive 1,189 percent growth rate.

    "The pandemic accelerated the shift as remote work pushed the wealthy to relocate to lower-tax metros like Houston, where millionaire renters grew 13-fold, versus 3.9-fold for owners," the report said. "Granted, 232 households is still a tiny fraction of the Houston metro’s roughly 2.7 million households, but the growth rate far outpaces any other major metro."

    Nationwide, the number of millionaire renter households grew 229 percent from 2020 to 2024, far outpacing the 193 percent growth rate among millionaire homeowners.

    Dallas was the only other Texas metro to crack the top 10. The number of millionaire renter households in North Texas has more than quintupled, from just 30 in 2020 to 165 in 2024. That represents a renter growth rate of 450 percent, which — surprisingly — is only the 8th highest nationwide.

    But when it comes to the largest populations of millionaire renters, New York City and San Francisco still lead the way. New York claimed the No. 1 spot with nearly 7,300 millionaire renters living in the city in 2024. Houston ranked 12th on that list.

    Elsewhere in Texas, Austin and Dallas ranked as the 16th and 17th, respectively, for the largest population of millionaire renters. There were 206 millionaire renters living in Austin in 2024, and 165 in Dallas.

    This is who the typical millionaire renter is
    The report also revealed a surprising statistic about the typical millionaire renter in the U.S. — a lot of them are millennials working in "white-collar, high-earning fields."

    "Nearly half (49 percent) of millionaire renters are Millennials, and the number of affluent Millennial renter households surged 392 percent during the five-year period," the report said. "Gen X follows with 33 percent of millionaire Gen X households renting after increasing by 147 percent."

    The report continued, "Although Gen Z still represents a small share of millionaire renters (just 2 percent of the total), no generation has expanded faster: Gen Z millionaire renter households leaped from fewer than a dozen to more than 400 — a tiny cohort today, but one that was virtually nonexistent five years ago."

    The top three most common professions for millionaire renters are chief executives, software developers, and managers, the report additionally found. In Houston, the surge of wealthy newcomers are mostly executives, professional athletes, and entertainers.

    "These roles tend to generate steady, substantial income without necessarily tying workers to one location, making renting a practical fit, rather than a financial necessity," the report said.

    Hotspots for millionaire homeowners
    In RentCafe's separate list comparing the top 10 most popular U.S. metros for millionaire homeowners, Houston ranked 12th nationally with 4,374 millioniare homeowners living in the metro as of 2024. These wealthy Houstonians are most likely working as chief executives, physicians, managers, and lawyers and judges.

    Houston has already proven to be a hotspot for millennial homebuyers, and the latest RentCafe data says millennials make up 19 percent of all millionaire homeowners in the U.S. Gen Xers and Baby Boomers still maintain the largest shares of millionaire homeowners nationwide, at 45 and 33 percent, respectively.

    Dallas (No. 10) and Austin (No. 20) also appeared among the hottest metros for millionaire homeowners.

    Only one Texas city appeared among RentCafe's list of the 20 fastest-growing metros for millionaire homeowners: College Station ranked 13th nationwide with a growth rate of 1,329 percent. From 2020-2024, the number of millionaire homeowners residing in College Station grew from 14 to 200.

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