New luxury van rentals start at $5,000 a month, but that’s starting to change as a wave of new luxury properties hit the market.
The rental industry is also starting to shed a little bit of its old guard as the rental of new homes and apartments has also skyrocketed in recent years.
The number of luxury homes in the U.S. has more than tripled over the past decade, with the number of new listings topping a record 6.5 million in March, according to real estate firm CBRE.
The demand for luxury vehicles has driven the trend, too, as many people have begun buying cars.
But in many places, people are still looking to rent vehicles.
In New York City, where more than a million luxury apartments have been built in recent decades, the average price of a luxury van has skyrocketed from about $200,000 in 2014 to $1.8 million in 2018, according a report from real estate analytics firm CoreLogic.
In Brooklyn, which is home to many of the luxury apartments that have been popping up, the number has also risen by more than 60 percent since 2012.
The median price of the median luxury van in Manhattan rose from $1 million in 2016 to more than $3 million in 2017, the report found.
And in Queens, which also has a lot of luxury apartments, the median price jumped from $2.2 million in 2014, to more recently $4.5 to $6 million, according the report.
That surge in prices comes despite some people having been renting vehicles for years.
A New York Times report from July 2017 reported that in the city, the majority of residents are still renting cars, and some of them have been using vehicles for decades.
The article noted that one of the biggest problems faced by renters is finding someone to rent a vehicle.
For renters who are willing to pay the full rental price, the rental market is “not so bad,” the report said.
In the Bay Area, the typical rental vehicle cost more than triple the average rent for a two-bedroom apartment, according CBRE, with a median price for a luxury vehicle in the Bay area topping $8 million.
The luxury rental market has also seen a surge in the number and type of luxury vehicles being sold.
The New York Post reported in April that luxury car sales had more than doubled in 2017 from the previous year, with some new luxury vehicles coming on the market each month.
The report also noted that luxury vehicles are increasingly being used in a way that is more efficient and less expensive than conventional vehicles, which could be one reason why some renters are taking advantage of new vehicles.
The housing market is also beginning to look a little more appealing to renters.
According to CBRE data, sales of luxury SUVs, luxury trucks, and luxury SUV/truck hybrids have more than quintupled since 2013.
And luxury home sales in Brooklyn and Queens have nearly tripled since the year 2000, the data show.
But while the number is growing, the prices for those vehicles are also going down, according Burt’s Bees.
The average price for an average luxury van on the New York Stock Exchange last year was about $8,000, and for a new luxury SUV in the New Jersey Stock Exchange was just over $3,000.
For luxury SUV, a two bedroom rental cost about $10,000 last year, and the average cost for a one bedroom rental in New York was just under $10.50, the company reported.
But for new luxury SUVS, the price was about two-thirds lower, and a new two bedroom for $839 in New Jersey.
And a two bed for $1,096 in Brooklyn is now just $1:20 cheaper, according BI.
For new luxury trucks on the same chart, the cost for the same vehicle is just under three-quarters less, and new four-wheel drive trucks in New Mexico are just under a dollar cheaper.
A new luxury truck costs just under four times more than an average SUV in New England, according Business Insider.
And for a five-passenger SUV, the daily cost is only $1 less in New South Wales than it is in the United Kingdom.
And the average daily cost for new five-door luxury SUvs in New Zealand is just shy of $4,000 more than the average New York rental, the Burties Bees report noted.
But some people are finding ways to make more money off of renting cars.
In January, a New York woman was arrested after she allegedly rented a car for $6,000 to $8 in order to make a small donation to a charity.
In April, a Florida woman was accused of stealing a $50,000 car and using it to pay for a $200-a-night spa, a $1