L
ast year, only a handful of Los Angeles rentals carried six‑figure leases, concentrated in the usual summer hotspots—Malibu, Beverly Hills, Newport Coast. Today, the scene has shifted dramatically: over 250 properties in L.A. and Orange counties now command monthly rents above $100,000.
Vanessa Alexander and her husband, ex‑ICM talent manager Steve Alexander, have put their 7,000‑sq‑ft minimalist home in Malibu Canyon—just two miles from Point Dume—on the market for $125,000 a month. Meanwhile, financiers Paul Kessler and Diana Derycz‑Kessler lease their salmon‑pink, hill‑top Bel‑Air estate, Villa Del Amor. The 15,000‑sq‑ft villa, featuring four courtyards, nine fireplaces, a library, and sweeping views of the Bel‑Air Country Club golf course, rents for $230,000 a month.
The surge feels like a perfect storm: stubbornly high interest rates, the January wildfires, and the new mansion tax have all converged to inflate the luxury rental market, even as lawmakers try to curb it.
“There’s an enormous demand for rentals right now,” says Tomer Fridman of The Fridman Group. His latest listing is a nine‑bedroom French‑château‑style estate in Beverly Park, now priced at $165,000 a month. The property boasts a grand ballroom, hotel‑grade amenities, and park‑like grounds. Fridman notes that the Palisades, one of L.A.’s wealthiest enclaves, has seen a surge in families displaced by the fires, creating a frenzy for high‑end rentals he says has never been witnessed before.
Before the fires, the upper‑tier rental market focused on two archetypes: beachside summer homes in Malibu and hilltop party houses with DJ booths, hidden pools, and ample parking. The current luxury market is more family‑oriented. “You’re seeing more kid and pet amenities—dog spas, gyms, saunas, cold plunges,” says Rochelle Atlas Maize, who represents Dr. Phil’s Beverly Hills home. At $100,000 a month, the property offers a large backyard, pool, jungle gym, and a private guest house, making it ideal for families.
Atlas Maize argues that the primary drivers of the ultra‑premium market are not fire‑displaced residents but investment bankers and crypto traders seeking safe, short‑term housing. “People love leasing in Beverly Hills because the police response is unbeatable—two minutes versus 45 in Bel‑Air,” she says.
The rental market also serves as a trial run for prospective buyers. Paris Hilton, for example, rented in Beverly Park for months before purchasing Mark Wahlberg’s $63 million home this summer.
For many luxury seekers who aren’t buying outright, the math of renting makes sense. “If you buy a $15–20 million house, your monthly payment is about $75,000. Renting for $35,000 a month lets you wait for rates to drop,” explains agent Paul Daftarian.
Some believe the market will cool when insurance payouts for fire‑damaged homes are fully processed. “Once people who lost their homes receive the full insurance, the market will stabilize,” says Nicole Plaxen, estates director for The Beverly Hills Estates.
This story appeared in the September 18 issue of The Hollywood Reporter.
