“Never been a market like this”: NYC’s trophy rentals catch fire

There's a new trend among New York City's elite: renting instead of buying. According to data from UrbanDigs, there has been a 30% increase in ultra-luxury rentals, defined as homes asking for more than $20,000 a month, compared to last year.

This shift towards renting among the wealthiest residents is a clear indication that even they are finding that buying a piece of New York City real estate just isn't worth it. As the Real Deal puts it, "More wealthy would-be buyers are doing the math, and deciding their deals for a piece of New York City real estate aren't adding up."

This trend has been building for some time now. A report from RentCafe found that since 2019, the number of ultra-luxury rentals has been steadily increasing. With the current state of the real estate market, it's no surprise that even the wealthiest individuals are opting to rent instead of making a purchase.

So what's causing this shift towards renting? According to UrbanDigs, one of the main factors is the high price of luxury homes. With asking prices reaching astronomical amounts, it's no wonder that even the wealthy are hesitant to make a purchase. As one real estate expert puts it, "There has never been a market like this where buyers are thinking twice before buying the trophy asset."

This trend may also be a reflection of the uncertainty in the market. With the ongoing pandemic and economic instability, many are opting for the flexibility and security of renting instead of making a long-term investment in a home.

Whatever the reason may be, one thing is clear: New York City