Recently, the Wall Street Journal shone a light on the current state of the luxury rental market in Malibu. The beachside community has perennially been associated with high end real estate, and, like much of the rest of southern California, the perceived value here has done nothing but increase over the last decade or so. It would appear that, even at the very top of the market, there’s still room into which to expand.
Homes in Malibu tend to range from, at the very lowest end, $20k per month. That’ll get you a two or three bedroom condo. A mere $15k more could score you a luxurious house with semi-private beach access.
The ultra wealthy, from oligarchs to monarchs, can sometimes spend as much as twenty times that, or more. One source cited in the article is renting an estate for $750k per month this summer, and that’s apparently still cheaper than the best suite at the Beverly Wilshire Four Seasons.
“Presidential suites don’t have screening rooms, your own gym, or a 168-foot-long pool. It’s kind of a no-brainer,” said the owner of the property. The 22,000-square-foot home, completed in 2014, is already booked for the summer, he said, declining to name the tenants.
Just as it makes sense that Teles would find itself named alongside SoCal’s heavy hitters, it makes sense that major media outlets would come to Teles for analysis of high end real estate markets. The author of this WSJ piece reached out to Teles’ own Alison Betts. It makes sense that they would connect with Betts. She describes herself as having “marketing expertise cultivated through many years of working in the high-value/estate property market.”
Betts’ familiarity with the properties and clients on this level allowed her to weigh in on Malibu’s rise. Drawing on her experience with the market, Betts was able to put it in simple terms. “The same listing that would have rented for $65,000 a month at the last peak [around 2006] could be $100,000 today,” she said. That’s a rise of nearly 50% over just ten years.