Luxury rentals hit record high, luxury cabins hit record low, luxury accommodations hit record peak
Posted On July 23, 2021
Luxury cabin rental and luxury accommodation sales are booming.
Luxury accommodation sales hit a record high in March.
The industry is now experiencing its highest number of new listings in a single month in history.
The new market is expected to be one of the most valuable in the U.S. and is expected by industry experts to contribute more than $4 trillion to the U!
economy in 2021.
In the first quarter of 2021, the industry added more than 2.7 million listings, up nearly 19 percent from the first six months of 2018.
The number of listings is expected even more to jump by more than 6,000 per month during the coming fiscal year, according to the real estate data firm CBRE.
A total of 1,813 luxury rentals and 1,566 luxury accommodation units were added in the first three months of 2021 compared to the same period last year, the firm said.
The average sale price of a luxury condo is now $1,976, according the realty firm CBReA market leader for luxury accommodation, the upscale rental market, is booming.
Luxury accommodation is a growing segment of the market.
The top 10 luxury hotel chains in the country, which includes Hyatt Regency, Marriott International, the Sheraton and the Hilton, are all operating in luxury cabana mode.
A luxury cabin is considered a luxury property and the median sale price is $5.3 million.
The median price for a luxury vacation property is $7.5 million.
According to CBRE, the average sale value of a suite in a hotel is $4,000.
That compares to an average sale for a suite at a golf club for the same price.
In contrast, a suite is priced at $1.5 to $2 million at golf clubs.
A suite at the Grand Hyatt, which has the most luxurious amenities and has one of largest suites, is valued at $2.5-$3 million at most golf clubs, according CBRe.
A luxury vacation home is considered the most expensive rental unit in the industry, according a study conducted by CBRE and The Real Estate Council of New York.
The study calculated that a luxury home can cost more than the average home.
A typical vacation home has a market value of $7 million.