A land large enough to build a village. A private beach. Marble and rare wood species. A room giving new meaning to the term home theater. If you dream of living in a high-end property without a long-term commitment, know that even luxury is for rent.
As of this writing, the most expensive residence on the Quebec rental market is on a 235 arpent estate in Sainte-Julie. Surrounded by land and woods, with two private lakes and a private beach, a house for maintenance employees, six garages and an indoor kitchen capable of accommodating a chef at home, the property is renting for the modest sum of 30,800 $ per month.
If the price includes furniture, landscaping, snow removal and taxes, it excludes interior maintenance and energy consumption. However, we bet that customers able to afford such monthly payments will be able to pay the related costs… “The estate has already been rented by extremely wealthy Chinese, a few business people, American and Quebec stars”, explains broker Mathieu Freedom.
In his experience, few luxury residences are rented for less than $10,000 per month.
PHOTO MARTIN CHAMBERLAND, THE PRESS
Mathieu Laliberté, broker
Downtown and in Old Montreal, there are super modern penthouses that can be rented for a very high price. If we move away from these sectors, we are talking about properties that exceed all standards.
Mathieu Laliberté, broker
Broker Joseph Montanaro is very active in Westmount, Outremont and Mont-Royal. “What constitutes the luxury market is the size of the house, the decoration, the choice of materials, the presence of a swimming pool, if it is furnished, if the kitchen and the bathrooms have been renovated recently, he said. I have rented houses for $15,000 a month in these areas. »
He observes that several investors have bought condominiums downtown to rent them out. “Furthermore, with the real estate market down and interest rates rising, many people can’t sell,” says Montanaro. Instead of losing money selling, they rent out their condo. »
high-end clientele
Year after year, the ultra-rich follow one another in these residences. “We see artists on tour or business people traveling a lot for work, who don’t want to buy immediately and who rent for a year or two,” explains Mathieu Laliberté.
His colleague adds to the list the CEOs of companies who stay in Quebec for three or four years, the ambassadors who prefer to rent, the people who no longer want the responsibilities of owners, as well as people between two houses, like himself. . “I sold my house this year, but I haven’t found my new property yet,” says Montanaro. So, I rented a spacious property, well located, with a double garage, which is rare for houses in the city center. »
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PHOTO MARTIN CHAMBERLAND, THE PRESS
The home theater has an impressive selection of movies.
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PHOTO MARTIN CHAMBERLAND, THE PRESS
Office. To live in opulence is also to work there.
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PHOTO MARTIN CHAMBERLAND, THE PRESS
The dining room, open to both the kitchen and the living room
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PHOTO MARTIN CHAMBERLAND, THE PRESS
The 7800 ft2 of the main house are spread over two levels.
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PHOTO MARTIN CHAMBERLAND, THE PRESS
The kitchen, where there is a huge central island, is equipped with a gas stove.
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PHOTO MARTIN CHAMBERLAND, THE PRESS
The main level living room and its wood-burning fireplace
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PHOTO MARTIN CHAMBERLAND, THE PRESS
The residence is fully furnished and decorated.
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PHOTO MARTIN CHAMBERLAND, THE PRESS
One of the property’s three bathrooms
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PHOTO MARTIN CHAMBERLAND, THE PRESS
Like the living room, the family room can count on a wood-burning fireplace to warm it up.
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Although one can doubt the relevance of paying the equivalent of one year’s salary for three months’ rental, the approach proves to be beneficial in certain cases. “The estate in Sainte-Julie costs about $200,000 a year to pay for employees and maintenance,” points out Mathieu Laliberté. So, if you manage your money well and want to enjoy it without having to pay the fixed costs, you will surely prefer to rent. »
Not to mention that these luxury properties, which are worth millions, can take a long time to sell. Hence the interest in renting.
Even if the rental costs may seem huge to us, it is still much lower than in Toronto, Vancouver, New York, Miami and Los Angeles. Over there, for the same product, it is three to four times more expensive.
Joseph Montanaro, Broker
royal treatment
Who says thousands of dollars in rental says… high expectations. “When you pay this price, you can expect freshly painted rooms, great cleanliness or modifications made before moving in,” says Montanaro. When a tenant wants a multi-year lease, landlords will be more inclined to make homes look nicer. »
Since the luxury clientele is often outside the country, Mathieu Laliberté talks regularly with his assistants or a trusted broker chosen by the wealthy tenant to make the visit.
As for celebrities, their behaviors differ. “Some stars are used to getting VIP treatment or freebies,” says Laliberté. Others do not want to be thrown flowers or receive a month as a gift because of their status. “A lot of stars don’t like to feel like they’re being viewed solely in terms of their stardom. They are down to earth and focused on ownership. »
A few wealthy but not famous people like to know that stars have occupied the property before. “Stars ask that we keep their identity secret, but others give us the right to talk about it after a certain period of time, if we give them a discount,” he adds.
“Some renters think if the property was good for a star, it might be good for them too, but I don’t think that makes a big difference,” Montanaro says.
Mixed interest from brokers
Joseph Montanaro claims that rentals account for less than 5% of his turnover. “I don’t do a lot of it, because it’s the same work, if not more, than selling a property: we show a house, we make the promise to rent, the negotiations between the tenant and the owner, the credit and even more follow-ups when people live there. »
In the industry, brokers who handle these rentals are paid the equivalent of one month’s rental. “If the tenant is represented by a broker, we give them half, even if we have assumed much more costs”, specifies Mathieu Laliberté, whose rentals represent approximately 15% of his work.
So, does anyone want to rent the Sainte-Julie estate?