Try Before You Buy: Why Rentals Are The Next Big Thing In Luxury Real Estate
July 11, 2023 - Los Angeles
Sometimes the most meaningful luxury lifestyles are only discovered through experiment and experience. This is why many prospective luxury homebuyers opt to rent in different enticing locations before committing to a property purchase. Not only does this allow them to judge whether a particular area has all the practical and recreational amenities they desire, it also lets them discover new interests and activities they never knew they’d love.
Here are five examples of the types of locales where these luxury-seekers are temporarily settling down before making a permanent move—and the types of homes they’re enjoying in the process.
1. A Quieter Side of Los Angeles
The vastness of L.A. is an exciting place to call home—but it can also be overwhelming. This world-class city offers boundless opportunities for exploration, but for some, it may feel a bit too boundless at first.
That’s why a temporary residence in an enchantingly tranquil neighborhood like Valley Village can be a wonderful idea. And this one-of-a-kind property, with its eye-catching exterior cladding of reclaimed century-old wood, makes the most of its peaceful surroundings. It boasts an incredible outdoor living space, which not only includes a dining area with a pergola, barbecue, and fridge, but also a pool, spa, and cabana.
2. Modern(ist) Living in East Hampton
In terms of addresses, few can match the prestige of East Hampton. But renting or leasing a property in this legendary locale is the best way to see if it’s a place for a full-time residence rather than just a weekend getaway.
There’s no better way to do that than in a modernist work of art designed by architect Harry Bates. Praised by multiple design publications for its aesthetic excellence, recent renovations on the home have meticulously preserved its character while adding a host of contemporary comforts—including a barrel sauna. But perhaps the foremost amenity exists outside the home itself: a private beach restricted to residents of Barnes Landing.
$29,750 August – Labor Day
3. Glorious Greenery in Bustling Austin
Hosting two esteemed music festivals, as well as hundreds of performance venues and a wealth of cultural attractions, it’s no wonder Austin has been dubbed the Live Music Capital of the World. Anyone looking to move to a thriving, creative city would do well to give it a try—especially since there are gorgeous green neighborhoods flanking the Colorado River right on the edge of downtown.
And this spectacular estate is nestled in one of them. With natural stone walls, majestic wooden ceilings, a plethora of windows and skylights, and an enclosed courtyard, it feels like a remote escape from the city center—especially since it stands on more than half an acre of beautifully landscaped property. However, the pulse of downtown Austin is mere miles away.
4. Culture and Cuisine in the Flatiron District
With Chelsea, Greenwich Village, NoHo, and East Village enfolding it, few neighborhoods can boast a better cultural and culinary centrality than New York’s Flatiron District. Many of Manhattan’s finest restaurants, cafés, boutiques, and galleries are mere minutes away.
Of course, there’s no better way to try the Manhattan lifestyle on for size than in one of its fabulous historic townhouses, like this treasure from 1907. This showstopper is a 3,300-square-foot marvel accessed by a private elevator, with three bedrooms, three bathrooms, and two outdoor terraces chicly appointed for upscale urban living.
5. Pacific Paradise in Seattle
Seattle is pampered with natural wonders, earning it the much-deserved moniker of the Emerald City. For those who love the outdoors, this location is second to none. And for those who love the indoors, it also happens to be a beloved hub of bookstores and coffee shops.
Seattle boasts many diverse neighborhoods—so before selecting one for a primary property, it just makes sense to start off with one perfectly situated between vibrant Belltown and the iconic Pike Place Market. And sophisticated urbanity is precisely what this exceptional new condo development provides, complete with 24-hour concierge service and a mobile app enabling residents to enjoy dedicated, round-the-clock convenience.
Your personal preferences may determine what type of community you’d like to live in—but it’s worth bearing in mind that your community may also shape your personal preferences in turn. That’s why, for prospective luxury homebuyers, first renting or leasing diverse residences can prove to be a transformative experience. In the higher echelons of the real estate market, “trying before buying” is an emerging trend that might well be here to stay.
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