Brett Harris, who handles the Palm Island property in Miami, said the rich renters he works with are usually looking for security and privacy when they come to town for short stays. Hotels don’t offer the same protection, he said. Since many of the rich bring their own staff – from private chefs to drivers to masseurs to nannies – they prefer to rent an entire house rather than taking 10 hotel rooms.

The Palm Island house, for instance, is currently being rented by a Saudi family and their entourage of more than a dozen people.

“It’s really more cost-effective to rent a house for $100,000 than to rent out all those rooms at the W for a month,” he said. “It’s a value proposition. It really boils down to privacy and security.”

Harris said many celebrities rent high-end homes when they’re in town for shoots or events. Some families rent while looking to buy in the area. Other brokers in Miami say Madonna is currently shopping for a temporary mansion for her upcoming shows in Miami later this fall.

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