Where Are the Most Expensive Rental Apartments in the World?
If you’re seeking the high life, money is no object. But if you have enough funds, finding some of the world’s most luxurious rental apartments won’t be a problem.
Savills recently reported that cities worldwide are witnessing an unprecedented spike in rent prices, due to pent-up demand after the pandemic and renewed international travel. Some places, like San Francisco or Mountain View, are particularly hard hit by these price increases.
1. Billionaire’s Row in New York City
Over the last decade, New York City has seen an explosion of ultra-luxury building development. The most expensive buildings can be found along Billionaire’s Row in Midtown Manhattan.
These buildings are among the world’s tallest, and many feature incredibly slender towers that make them stand out from other buildings in Manhattan. Notable examples include One57, 53 West 53rd Street, 432 Park Avenue, 111 West 57th Street and Central Park Tower.
Although some of these apartments are owned by the wealthy, the majority are empty. This has caused controversy among affordable housing advocates in Toronto as Billionaire’s Row is often filled with empty properties.
The surge in super-luxury building construction has been driven by a wave of foreign investors who have invested money into the real estate market to avoid taxation and keep their funds out of their home countries. Many times these individuals use shell companies to purchase properties to avoid being tracked by authorities.
In response to this, the federal government has promised to monitor these anonymous buyers in order to prevent any potential illicit activity. While this has helped limit real estate sales in this area, it has done nothing for those unable to afford these incredibly pricey apartments.
Another reason for the growth of Billionaire’s Row is a surge of Russian buyers who have been purchasing apartment units there over the past several years, particularly following Russia’s invasion of Ukraine.
Foreign investment isn’t just concentrated in Billionaire’s Row; many prime locations across Manhattan have seen an equally remarkable surge in prices. It is believed that this surge is part of a global trend to invest in real estate places that are less vulnerable to seizures.
Billionaire’s Row is still a desirable destination for the wealthy, boasting some of the world’s most expensive homes – including a $238 million apartment recently purchased by Ken Griffin, head of hedge-fund firm Citadel. Despite this trend, residents remain drawn to this exclusive area.
2. 165 Perry Street in Soho
One of the world’s most expensive rental apartments, 165 Perry Street in Manhattan’s West Village is situated at 165 Perry and Charles streets and overlooks the Hudson River.
This building, originally built in 1911, contains 21 residential units and one commercial space.
According to Trulia, this home has an asking price of $18,500,000 and is currently on the market for $915,000. This luxurious apartment in Soho features concierge services, a fitness center, storage facilities and an impressive lobby.
It offers 32 apartments with a variety of floor plans and modern interiors. Additionally, residents will have access to an infinity-edge pool and stunning views of the Hudson River.
This exquisite building is just a stroll away from all that Soho has to offer. Here, you’ll find plenty of shops and restaurants, with many celebrities frequenting this area for dining out.
One of the most stunning attractions in this building is its towering penthouse. It has been featured in multiple articles due to its immense size and impressive features, such as an expansive library and multiple landscaped terraces.
This high-end property also features an infinity edge pool and cutting-edge fitness center, though it should be noted that this is not the only high-end property nearby.
Another extravagant penthouse, previously owned by Robert De Niro, has been on the market for months with successive price reductions. Initially listed at $39.8 million last April, its size has now been reduced to an opulent 11,000 square foot space – now reduced to only $255.5 million.
Navigating this part of Manhattan is a breeze, as public transportation options are plentiful and accessible. Download Moovit’s app to quickly view the closest bus, train or subway stops nearest your location and receive directions.
The spectacular penthouse in 165 Perry Street building may not be one of the city’s priciest homes, but it still deserves your consideration if you want to own one of the world’s most expensive apartments.
3. One57 on Billionaire’s Row in New York City
If you’ve ever visited New York City, chances are you’ve seen Billionaire’s Row – 57th Street between Columbus Circle and Park Avenue, known as Billionaire’s Row. These towering structures consist of supertall, slender towers that have become an iconic feature of the city’s skyline since 2014.
One57 was one of the earliest buildings to rise along this stretch, designed by Pritzker Prize-winning architect Christian de Portzamparc and featuring features like a screening room, art atelier and private fitness center.
Although not particularly tall, this building set the bar for luxury condo prices at the time. In 2014, it sold to tech billionaire Michael Dell for $100.5 million.
Over the past decade, Manhattan’s luxury real estate market has seen an emergence of ultra-slender residential towers such as 53 West 53rd Street, 111 West 57th Street and 432 Park Avenue. Each building exceeded New York City’s standard height-to-width ratio of 1:7.
They come in an array of sizes and styles, from ultra-luxury penthouses to tiny studio apartments. Most units are purchased as second or third homes by foreigners who often purchase them anonymously through shell corporations.
Due to this, many Billionaires Row properties are rarely occupied by their owners at all times. According to a regular Housing and Vacancy Survey conducted by the city, about half of these apartments in two zip codes where most Billionaires Row properties are situated are vacant.
These buildings are not only selling at high prices, but they’re being purchased by foreigners who are storing their wealth or investing in the city as a tax haven. This practice is common among the wealthy.
Some who live in these apartments, such as Alaina Randazzo at 157 West 57th Street. She loves dogs and has a pet named Pimento.
The only drawback of living in an apartment like this is the maintenance and upkeep fees. These can be quite high, especially when your unit is located in a busy part of town.
4. The Peak in Hong Kong
The Peak is one of Hong Kong’s most sought-after luxury housing neighborhoods, boasting high altitude and stunning views over the city.
Skyscrapers that tower above Kowloon are a sight to behold and an essential part of any trip to Hong Kong. From their perch, visitors can take in breathtaking views of Victoria Harbour’s forest of skyscrapers below, plus Kowloon’s eight mountains as the sun sets over the water.
Everyone should experience this iconic landmark at least once in their lifetime – and for good reason. Not only does it provide breathtaking views of the city, but it’s also an ideal location to have some fun and explore unique shopping.
There are various ways to reach The Peak. The most popular is taking the Peak Tram, which offers an amazing view of the city. Other transport options include public transportation and taxis.
For an easier route, you could always walk to the top. Although this requires more commitment, it can be fun and you’ll get some amazing pictures along the way!
Once you’ve taken in the view, head inside The Peak Tower and explore its array of restaurants, shops, and entertainment venues. Plus it houses Madame Tussauds Hong Kong and Sky Terrace 428 with an unbeatable view of the city.
At the Peak’s wishing corner, you can say “I love you” in an unforgettable moment. Show off your photos to family members back home and commemorate this momentous milestone in your relationship!
For foodies, consider some of Hong Kong’s hawker-style eateries. For instance, The Peak Lookout Restaurant has a long and storied history and serves up fresh seafood and pizza with breathtaking views of Hong Kong’s south side.