By MARILYN CURTISAssociated PressAssociated PressWASHINGTON (AP) – It’s an expensive, high-end, lavish, luxury wedding decoration rental.
And there’s no guarantee you’ll get a great deal.
A new survey by Luxury Rentals says it’s possible to make a good profit by renting a home in the countrys most expensive city for a few weeks.
And even though it costs more than a hotel room, it’s cheaper than renting a one-bedroom apartment in the city where you’re staying, and the rent is on par with other rental properties.
That makes it an ideal choice for couples looking to add luxury to their rental portfolio, said Jill Duch, the company’s chief executive.
It’s also a great investment opportunity.
Rentals have a strong track record of being profitable, with an average annual return of more than 50 percent in the past year, she said.
They typically range from $600 to $1,500 per month for a room in the home, with most rentals ending up being a minimum of two bedrooms.
But some are more expensive than that.
They include a $1 million penthouse on the second floor of a building in downtown Los Angeles, a $10 million, six-bedroom townhouse in a residential area in Las Vegas, a mansion in the mountains of southern California, a three-bedroom villa in Florida and a five-bedroom home in Manhattan.
The company’s survey, published Monday in the Los Angeles Times, showed that of the 1,500 couples who took a survey in July, a majority of them found the price to be the best deal for their rental property.
It was the most expensive in the nation’s priciest cities for a couple to rent, and it was the best for couples who wanted to take a vacation or move into a smaller home in another state.
The survey also found that of those who said they had a “good” financial situation, 77 percent were renting their homes and 70 percent were paying a mortgage.
The median monthly rent for a four-bedroom, two-bathroom apartment in Los Angeles was $1.45 million, according to the survey.
A two-bedroom room in a four bedroom, two bathroom apartment in Las Angeles was nearly $1 Million, the survey said.
It was the third-most expensive rental in the U.S. to rent.
A typical room in one of the apartments listed by Luxurious Rentals, an online platform that connects renters with other renters, was $722 per month, according, according.
The average rental for a one bedroom in a three bedroom, one bathroom apartment was $639 per month.
It is possible to find good rates, Duch said, and most people who are considering renting are looking for something close to the market rate.
For those looking to save money, the average annual rent for apartments in Manhattan was $2.75 million, with the average monthly rent in the suburbs of Chicago and New York city being $1million.
For a one room apartment in New York City, the median rent was $3,857 per month in May.
A one bedroom apartment in Brooklyn, New York was $5,965 per month last year.
A $3 million, five bedroom apartment on the fifth floor of the penthouse of the New York Metropolitan Opera in New Orleans was the cheapest rental in America.
The median monthly rents for two-bedrooms in New Jersey were $2 million and a three bedroom in New Mexico was $4,971.