Pay $45,000 a Month Rent? Manhattan Has Line for Top Apartments

Bloomberg reports:

In Manhattan, where apartment sales fell 15 percent in the second quarter to a five-year low, an eight-room penthouse with Hudson River views is listed for rent at $45,000 a month.

That's $540,000 a year, the price residents of Atlanta, Denver or Pittsburgh might pay to buy a sizable house. Six big brokerages in New York City had 389 Internet listings on Aug. 16 for residences at rents of more than $10,000 a month. The number of rentals in that price range has soared in the past two years, according to brokers who specialize in such properties.

Demand for luxury rentals in the most expensive U.S. real estate market is surging as higher interest rates and uncertainty about property values discourage potential buyers. Rental vacancies are declining while the sales market languishes.

Living in a hotel full time is probably a better deal.