Written In Partnership With Darby Jones
The global luxury rental market has remained quite strong over the years. Perhaps one of the most consistent luxury markets is Los Angeles, where high net-worth individuals have long flocked to stunning homes in a glamorous city. The numbers support this sentiment. Los Angeles’s luxury real estate market has followed up an “exceptionally strong” 2021 as experts note that median home prices and rental prices have increased in 2022. This phenomenon is not just confined to Los Angeles. In New York City, high-end apartments are currently renting for nearly 44 percent more than they did before the pandemic. Across the pond, the U.K. is seeing the luxury market rebuild itself. Additionally, Paris is getting a boost from American buyers as the average price of prime Parisian real estate (3 million euro plus), increased by nine percent to 5.47 million euros during the first half of 2022.
While these homes appreciate, savvy luxury real estate investors look to rent out their properties to earn additional income before selling or moving in full-time. Typically the short-term rental market has operated off of word of mouth as the process of finding reliable tenants who can afford and respect one’s home has never been entirely straightforward. Similarly, individuals looking to rent luxury homes, have historically not had access to a centralized platform with trusted and quality options that rival premier hotels. Despite the lack of industry infrastructure, there has been a dramatic increase in demand for short-term luxury rentals over the last few years.
Million Dollar Luxe has not only streamlined the processes for high-net-worth homeowners and short-term renters, but they have introduced a new standard enabling real estate investors to maximize returns while bringing a true sense of hospitality to the industry.
Million Dollar Luxe has built its reputation as the top destination for premium rental properties in the greater Los Angeles area thanks to its inventory of luxury homes, careful attention to detail, and exclusive concierge services for anything the client may need. Million Dollar Luxe was founded by Marina Drabkin, who is a luxury rental expert acutely attuned to the needs of both luxury homeowners and renters due to her ability to turn a stagnant property into a profitable one as well as curate a 5-star experience.
Even before the start of the pandemic, wealthy individuals were already beginning to search for more suitable accommodations than hotels; often, they preferred privacy, personalization, space, and amenities. Then, when the pandemic began, this only accelerated the demand for luxe home rentals. Million Dollar Luxe became top of mind for those looking for mansions to rent in Beverly Hills and beyond.
Along with the company’s stunning roster of properties, the Million Dollar Luxe team has also perfected its concierge offerings. Whether looking for in-home private chefs, luxury travel accommodations, yacht or helicopter rentals, premium restaurant and club reservations, or any other services needed, Million Dollar Luxe can do it all. The team has spent years building relationships within the Los Angeles community and can make tailored recommendations that are uniquely suited for each client.
The Million Dollar Luxe team has been able to cultivate the perfect atmosphere in each home by preserving optimal coziness and charm while simultaneously adding premier amenities and hospitality logistics to each property. Million Dollar Luxe CEO, Drabkin, steps in to offer these wealthy homeowners guidance in turning a profit on their home, through furnishing, pricing, renter sourcing, and a strong business relationship overall.
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