The Rise of the Trophy Rental

Renting out luxury homes has become an attractive choice in today's housing market. High-end renters get many of the benefits of owning a home, with greater built-in flexibility, and without the financial risk.

2 minute read

January 19, 2013, 11:00 AM PST

By Erica Gutiérrez


“A growing number of people who can afford to buy trophy homes are, instead, opting for a more temporary solution: the trophy rental,” write Candace Jackson and Lauren Schuker Blum. Luxury renters are opting to invest in other markets and ventures, rather than “tying up their money in steep down payments” they add. Families and singles alike are opting to rent instead of buy and are even willing to make substantial investments in perfecting their interim abodes.

The outcome of this shift? High-end rentals in coastal gateway markets in states such as New York, California and Florida have seen an uptick in prices, mirroring a larger national trend. Apartments in luxury towers, penthouses, condos and million dollar homes in prime locations within cities such as Los Angeles, Miami and San Francisco can cost anywhere from $10,000 to $90,000 a month to rent. And, "[t]he relatively low inventory and high demand means unsolicited rental offers on for-sale properties have become commonplace," explain Jackson and Blum. 

“The rise of the trophy rental comes as many Americans continue to abandon ownership in the wake of the country's housing crisis and credit crunch,” add the authors. “The U.S. homeownership rate was 65.3% in the third quarter of 2012, its lowest level since 1996, according to the Census Bureau. In the midst of the housing boom, in 2004, the homeownership rate reached 69.4%.”

Friday, January 18, 2013 in The Wall Street Journal

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Cover CM Credits, Earn Certificates, Push Your Career Forward

Logo for Planetizen Federal Action Tracker with black and white image of U.S. Capitol with water ripple overlay.

Planetizen Federal Action Tracker

A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

July 16, 2025 - Diana Ionescu

Green vintage Chicago streetcar from the 1940s parked at the Illinois Railroad Museum in 1988.

Chicago’s Ghost Rails

Just beneath the surface of the modern city lie the remnants of its expansive early 20th-century streetcar system.

July 13, 2025 - WTTV

Blue and silver Amtrak train with vibrant green and yellow foliage in background.

Amtrak Cutting Jobs, Funding to High-Speed Rail

The agency plans to cut 10 percent of its workforce and has confirmed it will not fund new high-speed rail projects.

July 14, 2025 - Smart Cities Dive

Worker in yellow safety vest and hard hat looks up at servers in data center.

Ohio Forces Data Centers to Prepay for Power

Utilities are calling on states to hold data center operators responsible for new energy demands to prevent leaving consumers on the hook for their bills.

July 18 - Inside Climate News

Former MARTA CEO Collie Greenwood standing in front of MARTA HQ with blurred MARTA sign visible in background.

MARTA CEO Steps Down Amid Citizenship Concerns

MARTA’s board announced Thursday that its chief, who is from Canada, is resigning due to questions about his immigration status.

July 18 - WABE

Rendering of proposed protected bikeway in Santa Clara, California.

Silicon Valley ‘Bike Superhighway’ Awarded $14M State Grant

A Caltrans grant brings the 10-mile Central Bikeway project connecting Santa Clara and East San Jose closer to fruition.

July 17 - San José Spotlight