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Wealthy buyers leaning toward rentals

November 8, 2010 - Even New York City's wealthiest consumers are moving into apartments, shying away from the luxury condominiums that have long been popular among that segment of the population.

A report in The Real Deal described that analysts from around New York have noted increasing transactions on rental homes and apartments. For instance, experts with New York's Miller Samuel appraisal firm told the news site that in the third quarter, they noted 77 rental transactions on units priced at $15,000 per month, up from 32 during the same time period a year ago and 59 from the third quarter of 2008.

Jonathan Miller, the firm's CEO and president, told the site that buyers who would have been moving into high-end properties are instead holding off on expensive purchases amidst an uncertain housing market. As a result, "there is a kind of mini-boom in high-end rentals in terms of activity," he told the source.

Developers and property owners have noted that boom, and are adjusting their property offerings in order to account for it. Owners of The Mill at Glens Falls condo complex in upper New York brought in a consulting firm when sales were bleak. At the consultant's urging, they offered the units as luxury rentals, and have since enjoyed a steady stream of relocating families, boosting their occupancy to 95 percent in the past year.
 

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