Luxury home rentals are getting pricier and more expensive.
This is especially true for the most common type of apartment, which is called a “luxury home rental.”
According to the latest data from real estate brokerage Zillow, the average cost of a typical luxury home rental in 2018 was $1,933, with the average price up 9% over the past year.
Zillows report said the median price of luxury home rents in Los Angeles increased 9% from last year.
The median price for an apartment with a swimming pool was up 4.9% from 2017.
Meanwhile, the median home price in New York City was up 7.6% from a year ago.
The majority of luxury house rentals are in New England, where there is a lot of demand for luxury goods.
Zilow said the trend is due to the growing number of vacation rentals.
“The majority of the new luxury homes being built in the Northeast, the Midwest, and the West are being marketed as luxury vacation rentals,” said Zillower CEO Brian Shuster.
“In some cases, these luxury vacation rental properties can even be used to lure high-end luxury home buyers in a more desirable location.
For example, a $1.2 million New York luxury home on West 56th Street has a swimming-pool pool and a three-bedroom apartment with an attached garage.
The apartment is priced at $3.7 million.”
Zillowers survey of luxury properties found that only a handful of luxury rentals were being built as vacation homes.
The average price for a luxury vacation home was $947,000, according to Zillowing.
“For the most part, luxury vacation homes have been developed primarily for residents to live in for vacation purposes,” Shuster said.
“While luxury vacation properties have their place in the market, it’s important to understand that the demand for these properties is growing and the price of vacation properties is dropping.”
Zilower said luxury vacation vacation homes can be attractive for some buyers because they are more likely to have an enclosed community that is not accessible by car.
“Some luxury vacation property owners also include amenities like outdoor patios and pools, indoor tennis courts, and even a gym,” Shower said.
Luxury vacation homes often require more space, amenities and services than luxury homes.
Zills survey found that the average size of the pool was down 13% from 5,400 square feet in 2017.
The pool also had a pool-like feel and had a swimming feature.
“Pool amenities include a fully-furnished outdoor deck with spa amenities and a large pool deck,” Showers said.
However, the pool is not always large enough for swimming.
“To help offset the need for larger pool facilities, some luxury vacation owner’s have also added in a private terrace that is located directly on the pool deck to provide an indoor and outdoor setting for residents,” Shusters said.
For a home that is a luxury beach, Zillos survey found it costs $1 million to build a luxury luxury beach house.
That price tag was up 15% from the past 12 months.
A pool is also required for luxury vacation condo units.
“A typical luxury beach condo can have a pool area, indoor/outdoor terrace, pool, spa and even heated outdoor patio, which makes it a great option for those who prefer to live on a smaller scale,” Shusters said.
While the cost of luxury vacation units has been growing, the trend isn’t slowing down.
ZILLOW said the average sales price of a luxury holiday home is now $1 to $3 million, up 8% from 2016.
Luxuries are also gaining market share in other types of homes.
“Luxury home sales were up 14% last year, driven by a surge in luxury vacation and vacation rental sales in the West and the Northeast,” Shiller said.
In 2017, luxury holiday sales were the largest category of home sales in Los Angles, up 14%.
However, in 2018, luxury sales are down 17% in the Los Angeles metropolitan area.
Shuster attributed the drop in luxury home sales to a number of factors.
“As new luxury home owners enter the market and are priced out of the market in the suburbs, they are seeking out more affordable homes with amenities and amenities, such as fitness centers and fitness clubs,” Shusband said.
Ziller also found that some luxury home markets are becoming more competitive, with more and more vacation rentals being built.
“Over the past two years, the number of luxury homes with no pool or spa amenities has decreased in some markets, such the Northwest, Midwest and West Coast,” Shushrs said.
Shushers also said that the trend towards the sale of luxury vacations is slowing down, as more people are looking for vacation homes that are more affordable.
“Most luxury vacationers prefer vacation homes with the ability to accommodate large families, such a large three- or four