“Last Year, There Were Fewer Than A Dozen Rental Properties with Six-Figure Leases in the La Area, MOSTLY Clustered in the Predictable Seasonal Hotspots: Malibu, Beverly Hills An. That was was then. Today, More than 250 Homes have Flooded the Market with Monthly Price Tags North of $ 100,000 in la and Orange Councilies. Vanenessa”, – WRITE: www.hollywoodReporter.com
Call It A Perfect Storm: Stubbornly High Interest Rates, The Devastating January Fires and The Mancing Tax Have Converged to Create A Runaway Rental Market, Despite Legislation Aimed Aimed Aima.
“There is an Immenic Antntals Right Now,” Says Tomer Fridman of the Fridman Group, Whose Rental Listings Include a palated beverly Park French Cateuau –style Estyle. Now Listed for $ 165,000 A MONTH, The Nine-Bedroom Home Includes a Grand Ballroom and A Hotel-Worthy List of Amenities and Parklike Grounds. Adds Fridman: “The Palisades is One of the most affluent exclusive enclasts in la with immense wealth. The FIRES PUSHED ALL TOSE FAMILIES NEEDING A PLACE TO MOVE INTO, ANY THAT. luxury Rentals.
Pre-Fire, The Upper Echelon on the La Rental Market Focused on Two Two Two Two Two Two Two Two-Properties: Summer Rentals Smack On the Malibu Sands and Party-Preped Hiltop-Prels With Dja Booth Booth Booth. dozens. TODAY, The LUXURY Rental Market Is a More Family-Friendly Affair: “You’re Seeing More Kid and Pet Amenities-Dog Spas, Gyms, Saunas and Cold Plunges,“ Says Rochelle Maza Ma. Phil’s Home in Beverly Hills. AT $ 100,000 A MONTH, SHE SAYS The Home Is Perfectly Positioned To Attract A Family: “It Has A Huge Backyard and Pool As Well As A Jungle Gym for Kids and a Large Priest House Guete.
Atlas Maize Believes People Who Lost Their Homes in the Fires Aren’t the Ones Primarily Fueling the Ultra-Premium Rental Market. “Investment Bankers and Crypto Traders Have Been Leasing These Properties,“ She Notes. “They don’e wht They Want to be Longer Term-They Want to Be Safe, and They Taking the Highher-End Leases. People Love Leasing In Beverly Hels Because ACORON. $ 100 Million Home in Bel-Air with A Break-in, and You Can Be Waiting 45 Minutes [for the police to arrive]. In Beverly Hills, It’s Going to Be Two Minutes. ”
The Rental Market Also Gives Homebuyers A CHANCE TO Test-Drive a New NeighborHOOD Before Committing. Case in Point: Before Purchasing Mark Wahlberg’s Home for $ 63 Million this Summer, Paris Hilton Quietly Rated In Beverly Park for MONTS.
The foyer of a french chateau – style estate in Beverly Park, Listed AT $ 165,000 A MONT. Ryan Lahiff
For a Certain Set of Luxury Home-Seeker (Those Not Paying Cash, That Is), The Math Behind Renting Makes Sense: “A Lot of Clients Think, ‘IF I BUS000 MYNTA, MILL5. Can Rent for $ 35,000 A MONTH INSTEAD WHILE I WAIT for INTEREST RATES TO GO DOWN, ”SAYS AGENT PAUL DAFTARIAN.
And while some are committed to the interest raate waiting game, Nicole Plaxen, Estates Director for the Beverly Hills Estates, Says The MEGA-LEASE COULDOWN COURTMATE: Particularly Unique Time Because of Fires and Interest Rats, But The NO. Feet Again. ”
This Story Appeared in the Sept. 18 Issue of the Hollywood Reporter Magazine. Click Here to Subscribe.