The Rise of the $50,000 Rental

In all, 82 apartments renting for at least $50,000 a month were listed on StreetEasy during the first three months of the year, more than triple the number listed in the first quarter of 2008. At lower thresholds, luxury listings are also on the rise. Apartments renting for more than $25,000 a month made up 0.95 percent of total inventory in the first quarter of 2015, up from 0.46 percent in the first quarter of 2008.

Real estate agents and wealth managers say the increase in expensive rentals is partly an outgrowth of the luxury building boom sweeping through New York City and partly due to the shifting whims of a global elite that wants luxury digs without the hassle of a long-term commitment.

Read the entire article at Bloomberg.