Rental Demand Rising for the Ultra Rich

In NYC about 75% of us rent and lately, that includes the wealthy who are renting apartments from $10,000 to $100,000 per month.

Partly because sales in the New York City luxury market , the niche that has been slowest to recover from the housing crash is unpredictable. As a result, sellers and buyers reluctant to jump into such a bumpy market are turning to the rental option, with demand so high for large and extravagant condominiums that inventory is in short supply.

At the highest end of the rental market, defined as the apartments renting for $10,000 a month or more, the 200 new leases signed in the third quarter amounted to more than double the number at the same time in 2009.

So, what do you get for $100,000 a month? How does the other 0.0013 percent live?
How about a four bedroom/six and a half bathroom 6,200 sq ft duplex on Park Avenue with 1600 sq feet of outdoor space? You say you would prefer not to rent? No problem, this apartment is also for sale with a modest asking price of $51M.

Rents are coming back because people cant find the product they want for the price they are prepared to pay.