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Young homeless people and panhandlers who congregate around Mill Avenue in downtown Tempe, Arizona. Though often used as a derogative term, it is also used by the street people to describe themselves.

Probably coined as a variant of mallrat, with "mall" replaced by Mill Avenue.
Those panhandlers aren't ASU students, dude, they're Millrats.
Millrat by M S November 17, 2004

The Gary Millrat 

The act of servicing production workers through the washrooms glory hole with the promise that said production worker will break something so the millrat can get overtime.
Dang, old boy just bought a new motorcycle, he really must have did the Gary Millrat to be able to afford that!

Mallrats 

2 Definitions:

1) A movie directed by Kevin Smith, a comedial genious.

2) A person who spends their time at the mall for no particular reason.
They're not there to shop. They're not there to work. They're just there.
The Eight-Teated Patron Goddess of the Evergreen State College. She is the Mother of Creation, and Her teats represent the Eight facets of life
UW kid: WTF is Milkrat yolo swag 4/20 blaze it bitch
Greener: The Mother of my Salvation.
Milkrat by Kenny Tonto November 6, 2014

mallrats 

A hilarious Kevin Smith movie. It is one of the earlier Jay and Silent Bob films. The movie details a day two guys spend hanging out at the mall while trying to figure out a way to win back their girlfriends.
Mallrats:
Brodie: Tell me, did you ever fart in front of her?
T.S. Quint: No, why do you ask?
Brodie: I never farted in front of Renee. Last week, I let one slip and today she dumps me.
T.S. Quint: Renee's not the shallow type. You're not insinuating...
Brodie: She was going down on me at the time.
mallrats by C the kike October 16, 2006
One who goes to a mall with no shopping agenda
Mallrats usually know everything that's going around in the mall (I,e: when the Easter bunny stand comes up) and knows about everything about the mall (what stores going where how long a store has been there and what store was there before that store)
also a kick ass movie by Kevin Smith
"You're one of those loser, fucking MALLRAT kids. You don't come here to Work or Shop -- You hang out and act like you fucking live here."
mallrat by Hison22 November 15, 2005