Los Angeles Mansion Owners Test $150,000 Rents as Sales Slump

Asking rents are falling as inventory swells and may drop as much as 35% in the next six to 12 months, according to LA Estate Rentals’ Michael. A five-bedroom, eight-bath modern Bel-Air home with a pool is on the market for $55,000 a month, after commanding a $180,000 price when it was rented to “a celeb client” this summer, he said. A six-bed, six-bath home in Beverly Hills is listed for $38,000 a month, down from $55,000 about six years ago. Most of Michael’s properties also offer reduced prices for leases longer than four or five months.”We have to be creative to lure in tenants in this market.” Michael said.

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