The pandemic flight patterns that saw an influx of newcomers to cities like Tampa, Fla., Austin and Detroit has transformed the rental market. Low supply—and the desire of many to try out a destination before committing—have led to a rental boom that parallels that of the sales market.
In Nashville, Tenn., Shane Tallant of Village Real Estate has seen a marked increase in interest for high-end homes in the area, with large numbers of people coming from California, New York and Illinois. “We still get four seasons, our lack of state income tax is a huge benefit, the entertainment industry, the sports industry, it’s centrally located,” he says. “It’s growing faster than anybody would have expected.
In Reno, one of the fastest-growing markets, Rosi Booker of Sierra Sotheby’s International Realty has seen monthly rent prices skyrocket. “Where we’re seeing the demand going up is people waiting for a new home to be built, or who have not been able to find a house because everything’s going for so much over asking and you need so much cash to put down. So people are trying to get into rentals while they find a place to be able to buy.” She says that a 1,500-square-foot house that might have rented for $1,800 six months ago would now be priced around $2,500.
Five High-End Homes for Rent
Seattle // $17,000 a month
Perhaps the city’s highest-profile rental, this penthouse is the only private residence within the city’s Smith Tower, Seattle’s oldest skyscraper. It overlooks Puget Sound and Mount Rainier with 360-degree views via the home’s 24 teardrop-shaped leaded windows.
The penthouse maintains much of the detailing original to its 1914 construction, and its glass globe, seen across the city, is accessible from the apartment. The two-story space has one bedroom and two bathrooms across 2,128 square feet and comes with two parking spaces. It is listed with Moira Holley of Realogics Sotheby’s International Realty.