Anyone looking to rent a property in L.A. may need some serious money to do it. The city’s most expensive rental is a mansion with an asking price of $1.5 million monthly. Prior to this, the city’s highest cost rental property was worth $445,000 per month in 2017. That rental had 12 bedrooms and nine bathrooms.
Located in Bel Air, the rental boasts 20 bathrooms and nine bedrooms. To rent it per night costs $50,000. This translates to $18 million to rent it for one year. There are currently no other more expensive rentals anywhere in the country. For the steep price tag, the mansion is 34,000 square feet and has a wellness spa with an infinity pool 90 feet deep. The view from the mansion includes views of the ocean and the mountains. It was built by a local developer and plastic surgeon living on the other side of the street from the mansion.
To show how inflated these prices are, most houses in the United States are worth approximately $226,800. In comparison, seven houses could be bought for the same price renting this property for one month costs.
The real estate agent that lists this rental property insists it is worth its steep price tag. While the typical L.A. property rental costs less, the agent claims this one is worth paying the big bucks for.
However, other area real estate agents are questioning this claim. The argument is that at that price, the person renting is likely willing to negotiate with a potential tenant for a lower rate.
The feeling behind this is that if someone can afford to pay so much for a rental, that doesn’t necessarily mean they are willing to. It has been pointed out that billionaires are not above negotiating a lower price to rent this property for. A local real estate agent not in charge of renting the property has said that the monthly price would more likely be in the ballpark of $600,000 to $700,000.
The most obvious evidence that this rental is considered overpriced lies in NYC rental prices. NYC’s most expensive apartment costs $500,000 per month to rent. In comparison, this L.A. rental is set at an exorbitantly high rate.