Demand for High-Priced Rentals
High-Priced Rentals Are All the Rage
Source: nytimes.com
A divorced businesswoman wants to try on a new lifestyle. An actor in town needs a plush pad for a year. An investor prefers to keep his cash on hand for, well, investing.
Dominique Strauss-Kahn may have raised eyebrows (and ire) by spending his house arrest in an elaborately renovated TriBeCa town house listed at $50,000 a month, but the market for five-figure rentals is surprisingly robust these days. Given the still-skittish state of the real estate market, many people of means are choosing to rent — often at very high prices — rather than buy.
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