Luxury Full-Home Rentals In Largest US Cities: Staten Island Has No Luxury Home Rentals Available, NY Overall Holds 7% Share Of Luxury Rentals

Staten Islander News submitted the following question regarding the study on luxury home rental availability in the largest US cities: 

Q-Do you have any data specifically for Staten Island with regard to luxury homes for rent? It looks like NYC doesn’t have nearly as many as California, but just wanted to see if you had that specific data for our readers. 

A-Thank you for reaching out and your interest in our latest study. We’ve re-checked the available data and, unfortunately, it seems there are no luxury homes for rent in Staten Island. Currently, there are only 18 houses for rent in this borough, and the percentage of single-family renters is just 24%. This low availability of homes for rent likely contributes to the absence of luxury rental homes.

In our latest study, we analyzed single-family rental inventory in the 100 largest U.S. cities to find where renters by choice can benefit from the highest shares for luxury and ultra-luxury houses for rent.

California dominates: Irvine leads with the highest share of luxury houses for rent, while Los Angeles takes the top spot in the ultra-luxury category.

Curious about the shares in other cities? Dive into the complete data here: https://www.point2homes.com/news/us-real-estate-news/us-cities-with-highest-shares-of-luxury-houses-for-rent.html

Here is a part of the above study:

Luxury Houses for Rent: U.S. Cities with the Highest Shares of Luxury Single-Family Rentals

California is king: Five of the largest cities in the sunny state are in the top 10 cities with the highest shares of both luxury and ultra-luxury houses for rent.

• Demand for single-family homes for rent is exploding: The build-to-rent stock nearly quadrupled compared to three years ago.
• A new, fast-growing housing sector means more spacious homes, up-to-date amenities and high-end features that are ready to cater to the needs and personalized wants of the modern, post-pandemic renter.
• Newly built single-family homes for rent already look like a million dollars, but luxury and ultra-luxury houses for rent bring the art of mortgage-free and stress-free living to a whole new level.
• The luxury tier: No fewer than five of the cities with the highest shares of luxury houses for rent are in California, but the East Coast holds its own, with Boston, MA; Miami, FL; and Arlington, VA also boasting plenty of luxury single-family homes for rent.
• The ultra-luxury tier: Los Angeles, San Francisco, Irvine, Anaheim, and San Diego remain undefeated, while the great New York City missed the top 10 for the luxury tier, only to make a splash among the cities with the highest shares of ultra-luxury houses for rent.

The Build-to-Rent Boom: Houses for Rent Are Taking Off

Interest for houses for rent is increasing and demand for build-to-rent housing—single-family homes constructed specifically for renting—is expanding at breakneck speed. According to a RentCafe analysis of Yardi Matrix data, in 2023, a total of 27,500 houses for rent were completed, representing a 75% year-over-year increase.

What's more, this trend is gaining momentum: Currently, nearly 45,500 single-family homes for rent are under construction across the country.

Even before the pandemic, new build-to-rent homes were added at an impressive rate. However, in the years following the lockdowns and the chaotic beginnings of the work-from-home era, when people became acutely aware of their need for space and privacy, the numbers of single-family homes for rent nearly doubled with each year that passed.

Renters Are Increasingly Drawn to a Housing Option that Offers the Best of Both Worlds

By choosing a single-family home for rent, they get the indoor and outdoor space they need, while remaining mortgage-free, maintenance-free and stress-free.

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This really seems like a combination made in heaven, with more and more renters waking up to the advantages of renting a house rather than buying one, especially in the current market. As both interest rates and home prices remain high, renting the American Dream might just become the next best thing.

According to historical Census data, 10.9 million renters lived in single-family homes in 2001, making up just under 30% of all renters. By 2022, there were 14.3 million single-family renter households, accounting for about 32.5% of all renters. Despite recent decreases, there were still 3.5 million more single-family renters compared to two decades earlier.

What's more, lifestyle renters, or renters by choice are on the rise. Lifestyle renters are a glamorous subgroup of renters, who choose this lifestyle not because they can't afford buying a home, but because renting suits their current needs better.

But they're not the only ones vying for the new, luxury houses for rent that promise more space, better features and amenities and an elevated lifestyle. Whether they are a family or just friends opting to share a more spacious home, many more renters could opt for a house for rent, and the latest income numbers are on their side. 

Learn more at point2homes.com/news/us-real-estate-news/us-cities-with-highest-shares-of-luxury-houses-for-rent.html

Banner Image: Luxury home. Image Credit - Scott Lorsch