The possibility of living just down the street from work prompted a San Francisco artificial intelligence worker to offer $10,000 a month for a one-bedroom condo listed at $6,400, according to the San Francisco Standard.
Here's what to know
On Millennium Tower's 23rd floor, the condo in question measures 773 square feet.
A five-figure monthly rent was unprecedented for a downtown one-bedroom, as far as Compass real estate agents Sean Mamola and Trista Bernasconi knew.
The unit's owners decided to seek a tenant after a change in their son's plans. They had purchased the condo in August for him to live in, paying $660,000 — slightly below asking price — and decided in September to rent it out.
Negotiations with another prospective tenant were underway when the AI worker proposed $10,000 a month and a Nov. 1 move-in date.
By then, the agents had reduced the asking rent to $6,400 in mid-October, down from an initial $6,800 listing that others in the leasing business had doubted they could get.
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More background
The unit's last advertised rent in 2022 was $3,600, according to Zillow.
The agreed-upon monthly rent is nearly three times that amount, though the comparison is between an earlier asking price and an actual rental agreement.
Mamola explained that the tenant's decision came down to maximizing time spent at work.
"This was all about a professional who knew exactly where they needed to be, which was right down the street from work, so they could work, work, work, work, work, work, work, work, work, and then sleep for a couple hours, and then, you know, go back and work," Mamola said.
Some of Millennium Tower's residents were already friends with the tenant, per the Standard.
What can be done?
Millennium Tower's amenities include private dining catered by International Smoke, temperature-controlled wine storage, and a screening room.
Residents also have access to a 2,500-square-foot gym operated by CORE, an Olympic-sized lap pool, steam rooms, and a spa.
After a training and verification process, Forbes Travel Guide awarded the building its Verified Luxury Residences designation. The reported deal does not reflect typical San Francisco rents.
Bernasconi pointed to the building's organized activities and social atmosphere as selling points.
"They have a lot of great programming that's specialized," she remarked. "They really have a sense of community."
Where can I learn more?
A $10,000 monthly rent is unusual, but high housing costs reach far beyond San Francisco.
• California's median rent jumped from $452 to $2,036, adding to housing cost burdens.
• In Los Angeles, renting beats buying by $4,544 a month as rental demand surges.
• California seniors say a mobile home park sale drove rents from $825 to $1,600.
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