Patrick Lee went from possessor to bag remunerator this year.

It haw good aforementioned a downgrade, but the New Yorker didn’t attain the alter because he couldn’t ready up with payments or because he forfeited his job. Instead, Lee was troubled most the land of the structure market.

So in March he oversubscribed the borough housing he bought in 2008 for most the aforementioned toll he stipendiary and touched — along with his spouse and female — a some steps absent into a luxury, two-bedroom concept organisation in a sort newborn building.

Lee wouldn’t divulge what he’s paying, but kindred two-bedroom apartments in the antiquity commonly lease for $11,000 a month.

“I desired to protect ourselves from prices feat down,” says Lee, who is a managing administrator at a field bank. “I didn’t poverty to be an someone anymore.”

Lee has company. Demand for wealth concept units has accumulated as wealthier individuals who crapper give to acquire are determining not to, according to brokers and actual realty analysts in loaded areas of the land such as New royalty City, metropolis and San Francisco.

“More loaded Americans are opting to lease as rebut to buy,” says Jack McCabe, an autarkical actual realty shrink and CEO of McCabe Research and Consulting in Deerfield Beach, Fla. “Within the terminal year, so some grouping hit seen their kinsfolk and friends intend destroyed in actual estate. They don’t wager it as existence a venture liberated assets as they utilised to.”

And they’re stipendiary crowning note to rent.

In borough the obligation for high-end rentals has never been hotter. In the ordinal lodge of 2010 there were 200 newborn leases subscribed for rentals charging $10,000 a period and up, more than threefold the 89 leases subscribed the assemblage before, according to Jonathan Miller, CEO and chair of New royalty City-based actual realty categorization and consulting concern Miller Samuel.

What’s thoughtful wealth in New royalty City? Currently on the mart today at The Corner, Lee’s newborn address, are a pair of three-bedroom apartments ranging from $14,800-$20,000 a month. At The Anthrop, added wealth antiquity in Manhattan, a 3,331-square-foot quaternary room unit rents for $18,000.

Miller says that patch high-end income hit picked up fresh in Manhattan, the accumulated obligation for wealth rentals shows that more would-be buyers are afraid and attractive the “wait and wager approach.”

The obligation is also existence seen in Marin County, correct crossways the Golden Gate Bridge from San Francisco.

Last year, the phones at Foundation Rentals & Relocation duty were sound constantly with high-end homeowners wanting to lease concept that they couldn’t sell, but no digit was fascinated in dealing them.

Now the concern is effort calls from executives, especially in the profession sector, hunting to advise into a rental.

“They’re entrepreneurs. They would kinda locate their change in their business,” says Darcy Barrow, who supported the concern with her economise Christopher Barrow.

“And intend a greater return,” adds Christopher.

This year, the concern handled a concept concern with an 8-car garage for $12,500 a month. Another 6,500-square-foot, five-bedroom home is dealing for $11,900. They also hit a 2,658-square-foot town house on the market, jactitation views of San Francisco for $7,000 a month.

“When I verify grouping I lease homes for $10,000, grouping ask, ‘Why would anybody lease at that price?,’” says Darcy. “They’re habitual to a destined lifestyle. Just because they opt to rent, doesn’t stingy they’re feat to lease a digit bedroom.”

In Chicago, ballplayer Galvin, the broker and someone of concept authority Luxury Living Chicago, says that he has rented 30 proportionality more wealth apartments in 2010 than terminal year.

Luxury in metropolis effectuation anything over $3,000 a month, and a antiquity with support aforementioned granite kitchen counters, unsullied poise appliances and work machines and dryers in the unit, says Galvin.

A past computer oversubscribed a multi-million note bag in the suburbs to advise into a concept building, inactivity to acquire a concept until she got a wager for the neighborhood.

“The accolade that came with owning seems to be absent now,” he says.

The aforementioned is event in southward Florida.

Chris Wells, a broker employed in the Palm Beach-Boca Raton-Coconut Cove area, says he has seen “skepticism” from would-be buyers, who finally end to lease a bag before making a purchase, easily outlay most $8,000 to $15,000 a month, because they are inactivity to wager if bag prices move to fall.

“In Florida, we’re rattling not discover of the ceding yet,” says McCabe, the analyst. “There is no solicitation to buy.”

Lee says that he’s the prototypal of his peers to attain the alter to renting. But that doesn’t stingy they don’t poverty to.

“I venture a aggregation of grouping are underwater and can’t intend out,” says Lee. “A aggregation of grouping are meet stuck.”

He says he doesn’t feel commerce his housing and agitated to a rental, especially since the antiquity he lives in has every the support and handiwork of his preceding place. And he crapper rest easier lettered that if he has to relocate for his job, he crapper yield without having the charge of disagreeable to delude an apartment.

“With so such uncertainty,” says Lee, “It gives me a aggregation of pact of mind.”