If you’re looking for home in Miami, you might consider the waterfront mansion at 70 Palm Avenue on Palm Island. It’s got 19,000 square feet, multiple guest suites and a private yacht dock.
And it will only set you back $100,000 – per month.
The recent surge in rental prices is stretching all the way to the top of the housing market. Growing demand from the increasingly itinerant global rich, coupled with a shorter supply of trophy homes in some markets, has led to a rise in $100,000-a-month rentals.
Brokers who deal in luxury homes say there are now dozens of properties around the country that rent for six figures, although many are “whisper rentals” that are not officially on the market. Their numbers are growing.
“For people with a lot of money, renting is like dating,” said Gary Malin, President of Citi Habitats in New York, which rents out a $100,000-per-month townhouse in downtown Manhattan. “It’s a short-term commitment they can get out of. And at that price, they still want a very special property.”
Citi Habitat’s rental, a 13,000-square-foot “Loft-Townhouse” in Soho, has three bedrooms, three-and-a-half baths, and an outdoor terrace. The house was once rented by Beyoncé, who filmed a music video at the indoor pool.Page 1 of 4 | Next Page