The Los Angeles Metro Area's real estate market is currently in a challenging situation with reduced sales activity and fluctuating prices in the real estate market. Sales of existing single-family homes declined by 37.5% year-over-year, while prices were 7.5% lower. This caused many owners to pull back on selling their houses, instead opting to put them on the market for lease. This results in a large inventory of properties for rent, which also drives down rental prices.
According to Martin Beaurivage, owner of high-end vacation and short-term home rental company Elite Luxury Homes, the market is being flooded by low-priced rental properties, which brings the prices lower than what most homeowners would desire their properties to go for.
Furthermore, Beaurivage believes that most homeowners in the LA market place high emotional value on their properties, leading to a greater desire to maximize the revenue they are getting out of it by renting or selling only when prices are high. However, he says owners can actually maximize their income by being dynamic and following the trend of the rental market.
Beaurivage says owners of high-end properties can list their properties for rent on Elite Luxury Homes' LUXURY360° platform, where they can earn up to 20% more than market average, with clients ranging from high-end vacationers, business travelers, A-list talent to music and screenplay production projects. This is thanks to Elite Luxury Homes' added services that elevate the experience at the property to a whole new class of its own.
The company's first-hand knowledge of the luxury rental market allows it to be at the forefront of home design. Its turnkey remodeling and staging services combine a cost-effective design strategy with the primary objective of adding value to the property and maximizing rental potential. Elite Luxury Homes provides turnkey luxury stays in properties that have a bold, elegant design and furnishing. These properties have high-end amenities and are located in some of the most desirable locations of LA. But, most importantly, it's the quality of the service that the company provides both for the homeowner and for the consumer that makes it stand out.
Most stays at Elite Luxury Home properties are short-term leases, ranging from a couple of weeks to several year leases. All properties provide full concierge service, compared to others that are able to offer full concierge experience, including a chauffeur service to and from the airport, daily housekeeping, private chefs, massage services, and many other conveniences.
“There is a specific crowd that desires only the best services and pampering for their short-term and long-term stay, whether working or on vacation. There are a lot of global CEOs coming in for around six months to a year, and they often look for the full concierge experience throughout their stay. Elite Luxury Homes provides a flawless experience, no matter how long a guest stays at the property. This also entails that our pricing is higher than other real estate companies because of these premium services, which helps property owners earn more, as well,” Beaurivage says.
Elite Luxury Homes' listing platform brings a unique owner-centric approach to the luxury rental space, and it leverages the company's expertise to maximize rental income while filling a glaring market need for a rental partner that treats homes like their own. It conducts due diligence by vetting properties and owners, while implementing a methodical screening process for guests. This ensures that guests receive unparalleled experiences every time, while owners can rest assured their property remains safe.
“We always try to educate owners and make them understand that it's better to have their property rented out rather than have it remain empty. Even if they have their property rented out for lower than what they initially thought it was worth, they'll still make more if they look at it over a period of one year or more,” Beaurivage says.
Looking forward, Beaurivage says the LA real estate rental market has yet to reach rock bottom, and that it's bound to become worse for property owners before it gets better. He says that there are multiple factors showing signs that the trough in prices is coming in the next six months to a year. However, he also believes that a correction is due and that prices will return to a normal state quite quickly.
Media contact:
Name: Martin Beaurivage
Email:[email protected]
