Records are broken all the time in Israel, with the past few years seeing a number of them shattered. This time its happened in the Tel Aviv luxury rental apartment market, with a 6 bedroom, 320 square meter apartment in the Remez Tower, located in Tel Aviv’s prestigious Old North neighborhood.According to local news outlets, the monthly rent is $45,000, high above the typical $20,000 – $25,000 monthly rents that are typical for similar properties. The lease was singed with a foreign national hailing from Russia, who inked a 6 month deal, which being less than a full year’s lease, is liable to a “short term” rental price, which in the Tel Aviv typically results to a 75-100% increase in monthly price, which explains the variance from the market standard.
The apartment is located on one of the upper floors of the Remez Tower, which is considered one of the best built high rise towers in Tel Aviv. Completed 2 years ago, the building was designed by renown architect Moshe Tzur and its interior design was done by Pitsou Kedem. Half the building contains only 2 units per floor, while the other half consists of units that occupy floors in their entirety, with even a few full floor duplexes. While most luxury buildings in Tel Aviv can contain over a hundred apartments, the Remez Tower has only 40 units over its 30 stories, putting it in the same class as Rothschild 1 and the G Tower in regards to scarcity of units. The building is manned by a full-time staff and contains an indoor pool, manicured gardens, and fitness center.
Will Tel Aviv continue to see a rise in luxury rental prices? Or is this a deal that stands on its own due to the short term nature of the lease? Time will tell!