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People Are Paying up to $140,000 a Month for Short-Term Luxury Rentals in N.Y.C.

For them, the flexibility is worth the price.

Fasano Fifth Avenue Douglas Elliman Realty

New York is commonly called out for how expensive it is to rent an apartment in the city. But an increasing number of people are happy to drop tens, if not hundreds, of thousands per month for the luxury of living in the concrete jungle—even if it’s just for a short while.

Ultra-expensive, short-term rentals in N.Y.C. are seeing surprising demand, The Wall Street Journal reported on Wednesday. These fully furnished residences give renters all the amenities and impeccable design of an upscale hotel but without the inherent feeling of transiency. And for that, people are willing to pay sometimes up to $140,000 a month.

One such building, Fasano Fifth Avenue, offers five three-bedroom duplexes on the Upper East Side for a whopping $140,000 a month apiece. For that price, residents get a Thierry Despont–designed home; access to the building’s restaurant, bar, and gym; a 24-hour doorman; 24-hour room service; housekeeping; and a concierge. “The demand has been delightfully surprising,” Gero Fasano, the founder of the Fasano Group, told the WSJ.

A bedroom at Fasano Fifth Avenue
A bedroom at Fasano Fifth Avenue Douglas Elliman Realty

Better than all that, guests can decide to stay for as little as 30 days. They simply book their home with a credit card and then let the building know when they’re leaving. In and out without barely lifting a finger.

This style of living, unsurprisingly, has become more and more common since the pandemic started. The flexibility afforded by remote work has allowed many people to live wherever they want, for as long as they want. “Someone might want to spend seven or eight months in New York but then spend three or four months in Austin,” said Alex Chatzieleftheriou, the founder of Blueground, which rents apartments month-to-month all over the world. He added that some of his clients don’t even have a primary address.

Right now, furnished rentals only make up about 2 or 3 percent of all rentals in New York City, Chatzieleftheriou said. But he expects that to become 15 to 20 percent in the next 10 years. One property adding to that boom is Maison Hudson, set to open in the West Village this fall. The 10 residences there will rent from $40,000 to $150,000 a month, with access to a restaurant, a wine bar, a cafe, a courtyard, and a spa and wellness facility, as well as a concierge, housekeeping, and maintenance.

Given all of those perks, your temporary stay may quickly become a much longer-term one.

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