Demand is soaring for luxury rentals

The market for high-end apartments in New York, with monthly rents starting at $10,000 and way up (as high as $100,000), is on fire. Rental units with the same super-fancy finishes and building amenities as the most desirable condos are being snapped up.

The boom is being driven by high-net-worth families who can afford to put a hefty down payment on a $4 million-plus condo or co-op but choose not to do so now. Despite a recent firming of the city’s residential real estate market, more wealthy New Yorkers are deciding that now is the time to play it safe—and rent.

That is at least partly because sales in the luxury market, the niche that has been slowest to recover from the housing crash, are unpredictable: Some sellers are getting close to their asking prices; others are swallowing huge discounts. Still others are sitting on their properties and banking on a full market comeback. Or the phenomenon may simply come down to fear of commitment.

(The Real Deal)

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