The pandemic and its restrictions on travel, particularly overseas, as well as many people’s ability to work remotely while seeking a change in scenery, have led to increased demand for high-end home rentals in Los Angeles, especially in areas like Malibu.
“We’ve never had this amount of luxury leasing and demand. It’s changed the entire landscape,” said Compass’ Sally Forster Jones. Jones was No. 5, by sales volume, on the Business Journal’s list of top residential agents in L.A., with $502 million in sales in 2019.
“The demand is up. The prices are up. And the inventory is down. Properties that are currently for sale, and not for lease, are receiving outreach as well as to whether the owners would lease them because there is so much demand for leases right now,” Jones said.
Preparing for Fall
Jones said she has also seen people lease properties as test runs for buying them.
Written by Hannah Madans