Developers Target Ultra-Luxury Renters in Los Angeles
"In a handful of pricey neighborhoods across the city, some apartments are beginning to resemble a cross between a $1-million home and a five-star resort," observes Roger Vincent. "The movement is turning on its head the long-held assumption that wealthy Los Angelenos buy, not rent, their residences."
"Such over-the-top apartments are a small but growing niche in Los Angeles. As recently as five years ago, developers calculated that rents could only go so high before affluent people would opt out and go buy a house instead, real estate broker Mauricio Umansky said." In fact, "super-deluxe" apartments have a heritage in the city, dating back to the "elite residential buildings" that once housed Hollywood's film stars.
"For the most part, people are looking for affordability when they rent," said Shaul Kuba, a principal at CIM Group, "but there are some people who are interested in experiencing that type of living without a long-term commitment."