LAS VEGAS (KLAS) — The sky’s the limit regarding high-end luxury rentals in Las Vegas. When the monthly price of a one or two-bedroom apartment easily tops $1,500, there is a segment of the population for whom it makes sense to consider a multi-thousand dollar-a-month rental over a traditional mortgage.
One luxury real estate broker 8 News Now spoke with said the high-end of the rental market represents who is moving to or considering a move to Las Vegas.
Anthony Spiegel is with the Ivan Sher Group and works on some of the Las Vegas valley’s most expensive sales and rentals. Spiegel said when it comes to these rentals it’s better to look at the cost per square foot and then compare that to other markets – like Los Angeles – and realize even the highest price rental might be a bargain for the right person.
Apartments in Las Vegas rent for around $2 per square foot. In Los Angeles, it’s not difficult to find apartments leasing for around $10 per square foot.
In fact, the most expensive rental listing in Los Angeles on realtor.com is currently a 20,000-square-foot home listed at $349,995,000 per month. A price like this makes the most expensive current rental listed in Las Vegas look relatively cheap(ish).
Spiegel also said many of the people who are renting these luxury properties will pay a year or two in advance to lock in a price.
MOST EXPENSIVE RENTALS
(Price is per month – Source: realtor.com)
$75,000 – 4471 Dean Martin Drive – The Martin – Unit 4408
Listed as a 5,217 sqft apartment with 3 bedrooms and four bathrooms.
$40,000 – 7440 Oak Grove Ave.
Listed as a 12,100 sqft home with nine bedrooms and 12 bathrooms. This is also a home that pop star Michael Jackson rented and lived in while visiting in 2006.
$40,000 – 3750 Las Vegas Blvd Unit 4103
Listed as a 3,980 sqft apartment with 3 bedrooms and four bathrooms at the Waldorf Astoria on the Las Vegas Strip.
$40,000 – 3750 Las Vegas Blvd Unit 4105
Listed as a 2,755 sqft apartment with 2 bedrooms and three bathrooms at the Waldorf Astoria on the Las Vegas Strip.
A different realtor 8 News Now spoke with, Zar Zanganeh with The Agency, said the majority of current high-end rentals are going to athletes, celebrities, and insurance clients.
When asked about the insurance clients, Zanganeh said when people have problems with their current homes, their insurance companies will often relocate them to an equivalent property.
Other luxury rentals are picked up by TV or film companies.
Overall, according to both realtors, the type of person considering paying this much for a rental might already be paying more for a mortgage somewhere else and trading that in for a rental might cost less, or at least come will less hassle of maintenance.
$38,000 – 2785 S Monte Cristo Way
Listed as a 16,461 sqft home with eight bedrooms and six and a half bathrooms.
$29,500 – 15 Golden Sunray Lane
Listed as a 9,169 sqft home with five bedrooms and six bathrooms.
$29,000 – 5198 Scenic Ridge Drive
Listed as a 9,084 sqft home with six bedrooms and six and a half bathrooms.
$22,000 – One Queensridge – Unit 1604
Listed as a 6,404 sqft apartment with four bedrooms and six bathrooms.
$21,500 – 5600 West Oquendo Road
Listed as a 5,073 sqft home with six bedrooms and five bathrooms.