Chart of the Day: Rents of luxury homes slipped 0.7% in 1Q

Rents to stay 'relatively depressed' in 2013.

According to Colliers International, mitigated by the strong holding power of high net-worth landlords, its research showed that rents of luxury and super-luxury homes slipped only marginally, by 0.7% QoQ to $5.45 per sq ft per month as of the end of March 2013.

Here's more:

In the absence of any strong positive stimulus in the soft leasing market, average monthly gross rents of luxury/super-luxury homes are likely to stay relatively depressed, declining by up to a maximum of 5% in 2013.

Rents of luxury/super-luxury apartments were unable to hold up amid trying circumstances. Mounting supply pressures and weaker leasing demand as a consequence of companies adopting a more cautious stance on hiring on the back of a cloudy economic outlook continued to weigh down on rents.