Inside the Property Habits of Kenya's Wealthiest, New Report Reveals

High-net-worth individuals in Kenya typically own three homes, according to Knight Frank’s 2026 Wealth & Investment Trends Report, with most choosing to keep their additional properties for private use rather than renting them out.

The report shows that wealthy Kenyans are increasingly using residential property to support their lifestyle and preserve wealth instead of generating rental income. Many prefer to retain control of their homes, valuing privacy, flexibility and exclusivity over financial returns.

Knight Frank said ownership of three homes has become more common than in 2025, when just under 40 percent of wealth managers reported this as the typical level of property ownership among their clients. In the latest survey, nearly half said their clients usually own three homes. 

A further 30 percent reported that clients typically own two homes, while only 17 per cent said their clients own a single residence. A small minority said their clients own four homes.

Despite owning several properties, most wealthy Kenyans do not rent them out. The largest share of wealth managers said fewer than 10 percent of their clients lease their homes to earn additional income. Another 21 percent said between 30 and 40 percent of clients rent out second homes, while none reported rental activity above 70 per cent. 

The findings suggest that residential property is mainly viewed as a personal asset rather than a commercial investment. The report identifies several reasons for this approach. Primary residences are usually located in major urban centres, while second homes are often found in coastal or rural locations such as Mombasa and Naivasha. 

Additional properties may be kept for family use, holidays or long-term wealth preservation, with some owners holding them in anticipation of future price growth. Knight Frank said these homes are valued more for the privacy and flexibility they provide than for immediate financial returns.

The trend also has implications for Kenya’s housing market. By keeping properties out of the rental market, affluent households reduce the supply of homes available in prime locations, which can add to upward pressure on prices. The report also points to a preference for treating residential property as a symbol of status and security rather than a source of rental income.

Knight Frank said this pattern reflects a changing role for residential property among Kenya’s wealthy.