Today's Wall St Journal prints a story about the luxury rental market and a softening of prices. Click on the title above to read the story. Larry Story of Brotherhood and Higley in New Canaan is quoted in the story also. Here in New Canaan there seems to be an increasing inventory of homes on the market for rent. At the present time there are 113 rentals on the market including all types of rentals from studio apartments to luxury homes. Of all the properties on the market, 46 are over $5,000 per month. However, this is due to the fact that most of these homes are also for sale and the owners are offering to rent or to sell. Of the 46 homes over $5,000 per month, 35 of them are also for sale and have not sold yet because of the slower market.
I looked at the year 2008 expecting to see a huge contrast but I found that that 43 of the homes for rent over $5,000 per month did rent. So the news here is not so bad.
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