Here is good news for the plutocrat who wants to try out Manhattan’s ritziest neighborhoods before taking the multimillion-dollar plunge. The market for super-high-end rentals is booming, with plenty of enticing options for tenants of every taste.
In all, 82 apartments renting for at least $50,000 a month were listed on StreetEasy during the first three months of the year, more than triple the number listed in the first quarter of 2008. At lower thresholds, luxury listings are also on the rise. Apartments renting for more than $25,000 a month made up 0.95 percent of total inventory in the first quarter of 2015, up from 0.46 percent in the first quarter of 2008…
Of 370,000 multifamily rental units completed from 2012 to 2014 in 54 U.S. metropolitan areas, 82% were in the luxury category, according to CoStar Group Inc., a real-estate research firm. The firm defines luxury buildings as those that command rents in the top 20% of the market. In some places, including Denver, Tampa, Baltimore and Phoenix, virtually all new apartment construction has been targeted to high-end renters. In Atlanta, about 95% of new apartments have been in the luxury category.
– From Bloomberg and the Wall Street Journal:
The oligarch recovery marches forward with reckless enthusiasm, despite extremely disturbing underlying trends which are all but guaranteed to result in significant societal unrest in the years ahead. The U.S. economy, and indeed the global economy, is much more similar to pre-1789 France than any other historical period I can think of.
You have a handful of super wealthy people, completely disconnected from any sense of reality, running around telling governments what to do. All the same characters who created the global financial crisis remain in charge of the world’s most powerful institutions, and continue to benefit handsomely from its aftermath. While claiming to have “saved the global economy,” the only things they really saved were their own positions of power and wealth. The only thing that was saved, was the very thing that should have been completely discarded, the global status quo.
Read the Full Article »
Follow me on Twitter.