Real-Estate Sales Are Booming. The Rental Market Is Following Suit.
The pandemic flight patterns that saw an influx of newcomers to cities like Tampa, Fla., Austin and Detroit has transformed the rental market. Low supply—and the desire of many to try out a destination before committing—have led to a rental boom that parallels that of the sales market.
In Nashville, Tenn., Shane Tallant of Village Real Estate has seen a marked increase in interest for high-end homes in the area, with large numbers of people coming from California, New York and Illinois. “We still get four seasons, our lack of state income tax is a huge benefit, the entertainment industry, the sports industry, it’s centrally located,” he says. “It’s growing faster than anybody would have expected.
In Reno, one of the fastest-growing markets, Rosi Booker of Sierra Sotheby’s International Realty has seen monthly rent prices skyrocket. “Where we’re seeing the demand going up is people waiting for a new home to be built, or who have not been able to find a house because everything’s going for so much over asking and you need so much cash to put down. So people are trying to get into rentals while they find a place to be able to buy.” She says that a 1,500-square-foot house that might have rented for $1,800 six months ago would now be priced around $2,500.
Five High-End Homes for Rent
Seattle // $17,000 a month
Perhaps the city’s highest-profile rental, this penthouse is the only private residence within the city’s Smith Tower, Seattle’s oldest skyscraper. It overlooks Puget Sound and Mount Rainier with 360-degree views via the home’s 24 teardrop-shaped leaded windows.
The penthouse maintains much of the detailing original to its 1914 construction, and its glass globe, seen across the city, is accessible from the apartment. The two-story space has one bedroom and two bathrooms across 2,128 square feet and comes with two parking spaces. It is listed with Moira Holley of Realogics Sotheby’s International Realty.
Nashville, Tenn. // $12,000 a month
The fully furnished apartment is in the city’s Arts District. The boldly designed interior includes arts-themed décor like portraits of Grace Kelly and Pablo Picasso, an open-plan living space with exposed pipes, and a lounge outfitted with shutters.
Three bedrooms, four bathrooms and one partial bathroom span 4,600 square feet. It is listed with Shane Tallant of Village Real Estate.
Atlanta // $37,500 a month
Located in the Ansley Park neighborhood, the fully furnished five-bedroom home has four bathrooms and one half bathroom over 4,226 square feet.
The brick house has a courtyard, a terrace featuring a garden and fireplace, a wine cellar and 14-foot ceilings. Plaster walls give an antique feel to the home. It is listed with Jason Cook of Ansley Real Estate.
New Orleans // $19,500 a month
An expansive French Quarter home built in the 19th century was formerly a tomato warehouse, a bakery and a theater. It maintains a Southern feel with balconies that connect areas of the home and an interior courtyard with a wading pool and fountain.
The home, which is close to the Mississippi River, has four bedrooms, four bathrooms and two partial bathrooms over 6,155 square feet. It is listed with Debbie Prejeant of Latter and Blum Property Management.
Newport Beach, Calif. // $75,000 a month
This newly built waterfront home takes advantage of its views of Catalina Island and a surfing destination known as the Wedge. A terrace with spa and fireplace overlooks the ocean, while a retractable glass wall opens the living area up to the outside.
The main suite also has glass walls that open onto a balcony. The house has five bedrooms, five bedrooms and one partial bedroom over 4,128 square feet and is listed with Tara Shapiro of Pacific Sotheby’s International Realty.
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