As the wealthy jetset around the world and are faced with a dearth of luxury homes in some markets, high-priced luxury rentals are on the rise.
In Miami, for example, a 19,000-square-foot mansion is on the rental market for $100,000 a month.
Agents say there are several such homes for rent around the country, though many aren’t officially placed on the market and the agreements are handled privately.
New York’s Waldorf Towers features two six-figure rentals, while a high priced luxury loft in SoHo is also for rent (the same one singer Beyoncé once rented for a music video shoot–pictured above). In California, rental properties are available for nearly $200,000. One San Francisco offering includes a disco and a tennis court.
Real estate experts say that in the end, renting a high-priced property ultimately becomes more cost effective than renting out several suites in a luxury hotel over a long period. They also say some rental clients are lured in by the privacy of a luxury rental home.
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Source: cnbc.com; Photo Courtesy: Donna Dotan, Loftenberg