Luxury rental properties may be on the rise. “As more luxury sales are put on hold, they are being turned at a tremendous rate into luxury rentals.” It was reported that Tom Cruise and Katie Holmes were interested in renting at the Trump Park Avenue properties in New York for the price of $200,000/month in rent. Ultimately they decided not to rent there because management required a one-year lease.
Celebrities are attracted to rentals for a number of reasons. For one thing, their work seems to move them to different parts of the world and maybe they appreciate the freedom renting provides. Secondly, celebrities are particular and may wait for the property of their choice to go on sale and will rent in the meantime.
It looks like people from every demographic are renting in today’s market, including Tom Cruise and Katie Holmes!