Luxury home rents slipped by 0.7%

Rents are at $5.45 per sq ft per month.

Acording to Collliers rents of luxury/super-luxury apartments were unable to hold up amid trying circumstances.

It noted that mounting supply pressures and weaker leasing demand as a consequence of companies adopting a more cautious stance on hiring on the back of a cloudy economic outlook continued to weigh down on rents.

Nevertheless, mitigated by the strong holding power of high net-worth landlords, Colliers International’s research showed that rents of luxury and super-luxury homes slipped only marginally, by 0.7% QoQ to $5.45 per sq ft per month as of the end of March 2013.

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