Los Angeles Mansion Owners Test $150,000 Rents as Sales Slump
Some owners are seeking to lease luxury properties instead of selling as a new mansion tax and entertainment industry turmoil loom over the market.
A seven-bedroom home in Manhattan Beach is up for rent at $150,000 a month for leases of 90 days or less.
Photographer: Simon Berlyn courtesy of The Beverly Hills EstatesThis article is for subscribers only.
It’s a tough time to sell a mansion in Los Angeles.
The market for the priciest properties in the city faces challenges such as a new tax on luxury sales and turmoil in the entertainment industry. Now, some homeowners are turning to another path to generate cash: Renting them out.