Some homeowners are offering houses for rent at tens of thousands of dollars above normal summer rates as demand surges in the Malibu Colony, named L.A.’s priciest area in 2019.
According to Chad Rogers of Hilton & Hyland, the summer rental season in Malibu is a “frenzy,” with people itching for a change of scenery after months of shelter-at-home orders. He’s seeing potential renters battling for leases, and homeowners who “really weren’t thinking about leasing [out their properties but] have decided to take advantage of these really high rates that are even over market value,” says Rogers.
23430 Malibu Colony RD #95 | MALIBU | Offered at
$200,000/Mo Represented by Chad Rogers
Just two rentals remain in the guard-gated Malibu Colony, where current and former residents have included Brian Grazer, philanthropist Wallis Annenberg, Neal Moritz and Irwin Winkler, and where seasonal rentals range this summer from $80,000 to $250,000 per month. One owner recently put their home up for rent to cash in, listing it for $40,000 more a month than its usual summer price. “I feel strongly that we’re going to hit that number on the bull’s-eye just because of what I see in the state of the rental market right now. It’s like the paper towel aisle at the market!” says Rogers, who grew up in the Colony.
“The Colony has its perks, but one of the negatives for me was when I would come home past my curfew — my parents would know because the gate guards would always rat me out,” says the agent of the neighborhood of 100 or so eclectic homes that hug the peaceful Malibu Lagoon State Beach. It’s known (in non-pandemic years) for its tennis matches, beach parties, Fourth of July celebration and barbecues, often of the catered-by-Mastro’s variety. In 2018, it was named L.A.’s priciest neighborhood by PropertyShark, with a median sales price of $10.65 million. “High demand and very low inventory fuels the soaring property values,” Rogers says.
23416 Malibu Colony RD #100 | MALIBU | Offered at
$175,000/Mo Represented by Chad Rogers
Few homes change hands. This year, Jason Statham sold a home there for $18.5 million. Right now, three homes are on the market. Rogers — who notes that potential buyers must sign a coronavirus disclaimer and don gloves and masks to tour a property — is listing two of those, including a rustic charmer (listed at $8.45 million) and a sleek four-bedroom stunner ($11.95 million). Roger’s additionally, with Rick Hilton and Jeff Hyland, just completed the sale of a beachfront white-shingled beauty ($18.275 million) on a double lot. “You have a pool, a spa, and you actually have grass!” says Rogers. “Grass and parking in the Colony are like gold.”