Demand for high-end rental properties is seeing houses rent for more than eight times the city’s median.
The market is worth tens of millions of dollars to the local economy in a city where the median rent is $485 a week.
A Bulletin survey has found landlords asking for up to $4000 a week in rent. That equates to $208,000 a year, a fortune when the median household income on the Gold Coast is $1173 a week.
Melissa Sekulic, of Ray White Palm Beach, specialises in marketing executive homes from around the Gold Coast, including a property at Chevron Island, which has an asking price of $4000 a week.
The Stanhill Drive home comes fully furnished and features five bedrooms, four bathrooms and four levels, all serviced by a lift.
There’s also a fully-equipped media room, a gym, a sauna and swimming pool.
Other properties with high rents include 5358 Marine Drive North and 2225 The Masters Enclave, both located at Sanctuary Cove and with asking rents of $3900 and $2000 respectively.
Ms Sekulic said it was a niche market with most inquiries coming from business owners and executives looking to relocate to the Coast.
She said demand was strong and she had recently leased a home in Monaco St, Broadbeach Waters for $2500 a week to a business couple who wanted a larger house.
“We had five to six inquiries from people who all put in applications,” she said.
“The couple who rented it earn $500,000 between them, so they can afford it.”
REIQ Gold Coast zone chairman John Newlands said it was a potentially lucrative market but small in a city where there were few large corporations.
“There’s the occasional person like someone from the film industry who might want one but it’s not a huge market,” Mr Newlands said.
“They only want it for the short term so don’t want to shell out $5 million when they can rent it for $200,000 a year.”
Top dollar to rent a prestige Gold Coast property, Original article published at www.goldcoastbulletin.com.au by Alister Thomson, Gold Coast Bulletin, 12/9/2014