How the Super Rich Are Taking Over the Luxury Rental Sector
Super Rich are taking over the luxury rental sector! Did you know that?
In June, it has been an increase on the luxury rental sector and the number of one-bed listings priced at more than £1,000 per night was nearly three times that it had been a year ago.
According to Airbnb reports there is an explosion in short-term homes rented by the super-rich.
Many of those listing come from Asia, which is leading the charge; the listings for luxurious apartments grew quickest in Tokyo, up to 78%, and Hong Kong, up to 70%.
Over the same 12-month period, London listings grew by half and those in Paris a third.
Luxury Retreats, claims to turn away 95% of those who offer their holiday homes, thus premium home rental sites are booming.
The online luxury rental website has now 2,800 proprieties, largely in the US and the Caribbean, with nightly rates ranging from $1,000 to $124,000.
Another website, Onefinestay has been listing push pads since 2010 in sought-after city locations and now has over 2,000 homes across London, New York, Paris and LA with a combined value of £6 billion.
A private plunge pool and magnificent views: The Aqua Luxury Suites in Santorini would set you back between £108 – £445 per night.
Villas.com, the vacation rental site operated by booking.com, which includes plenty of plush pads, boasts 308,000 vacation homes.
Property rental sites make it hassle-free too. With the sites featuring calendars, so property owners can switch availability on or off, and messaging apps and review systems allowing them to vet potential guests before their stay.
After the price is decided, all the owner has to do is to decide whether to accept or reject potential visitors. True, some perhaps preferring to open their homes to a certain type of clientele.
Often, party animals and families with young children are not welcomed.
Some reports say that second-home owners are getting younger, meaning that now more use the internet for smart rental solutions when they are not using their homes.
The average age of second-home buyers in the US dropped from 52 to 43 in the 10 years to 2013, according to the US National Association of Realtors.
Now times have changed, obviously, and you can rent a private island for £656 per night in Brazil from the famous jewelry designer Francesca Diana.
And you can also choose a yacht if your idea of a peaceful night’s sleep features a gentle rocking motion, a night on a yacht in Mallorca costs £729.
Olivier Gremillon, who runs Airbnb’s European business says:
“Where the super-rich have listed secondary residences for some time, now they’re starting to offer their main homes while staying in other properties or holidaying,”.
“Now it’s cool to be part of the sharing economy; it’s something for people to talk about over dinner parties.”
True, many wealthy people once avoided posting photos on their Airbnb profiled for fear of friends thinking they were hard up, says Gremillion.