Originally Answered: Who rents luxury real estate ?
People who have the money to pay for expensive rents are most likely to be your uber- rich on holiday or on short term assignments for maybe a project of some sort.
High rental rates exist because of high demand. Remember the old adage back in grade school where your business teacher said “the higher the demand, the higher the price”. So there is obviously going to be a higher demand for spending time in a certain area or even living in such an area.
It’s almost the same as renting an apartment for a 6 month or a 12 month lease period. The reason why the average rental rate in Manhattan is $…