Brokers say market for five-figure rentals shifting faster than smaller apartments

TRD New York /
Jun.June 08, 2011 09:43 AM

The market for five-figure rentals may be improving faster than the market for small apartments, some real estate agents say. According to the New York Times, many high-end clients are often choosing to rent rather than buy.

Data from Streeteasy.com shows that more apartments priced over $10,000 per month were leased this May than in the same period in 2010 and 2009. Apartments in that bracket also went off the market faster and without price cuts.

“If you’re purchasing something at $20 million plus and you have those funds in some sort of account that’s bringing a good return,” it does not necessarily make sense to invest it all in an apartment, said Margaret Bay, vice president at Brown Harris Stevens.

Bay, who manages rentals at the Waldorf Towers, ranging from $12,000 to $150,000 a month, said many of the higher-end buildings insisted on purchases in cash.

Brokers claim that finding tenants for five-figure rentals is often simpler than in the lower brackets. “In this range, we’re not running into problems with people not having 40 to 45 times the rent,” said Rado Varchola, senior vice president at Citi Habitats.

The most expensive rental listed in the city is a mansion at 4 East 80th Street, between Fifth and Madison avenues, available for $210,000 a month. [NYT]


Related Articles

arrow_forward_ios
Rachel Glazer (Credit: BHS)

BHS’ top Downtown agent jumps to Compass

BHS’ top Downtown agent jumps to Compass
BHS’ chief of tech, communications out amid internal shakeup

BHS’ chief of tech, communications out amid internal shakeup

BHS’ chief of tech, communications out amid internal shakeup
Bess Freedman and Robert Reffkin (Credit: Studio Scrivo)

“Unequivocally not selling:” BHS accuses rival of stoking sale rumors

“Unequivocally not selling:” BHS accuses rival of stoking sale rumors
Brown Harris Stevens CEO Bess Freedman (iStock)

BHS gives employees Election Day off

BHS gives employees Election Day off
From left: Chris Poore, Kathryn Steinberg, Armin Allen and Caroline Guthrie (Getty, BHS)

Sotheby’s Chris Poore jumps to BHS

Sotheby’s Chris Poore jumps to BHS
Brown Harris Stevens' Bess Freedman  and Halstead's Diane Ramirez 

Brokerage giants Brown Harris Stevens, Halstead to merge

Brokerage giants Brown Harris Stevens, Halstead to merge
The Real Deal's E.B. Solomont and Brown Harris Stevens' CEO Bess Freedman

The Interview: Bess Freedman on how resi firms will look post-Covid

The Interview: Bess Freedman on how resi firms will look post-Covid
TRD Quarantine Cribs: Take a tour of Scott Harris’ renovated UWS duplex

TRD Quarantine Cribs: Take a tour of Scott Harris’ renovated UWS duplex

TRD Quarantine Cribs: Take a tour of Scott Harris’ renovated UWS duplex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...