LOS ANGELES – Despite the 2028 Olympic Games in Los Angeles being three years away, wealthy tourists, athletes, and major companies are already securing ultra-luxury rentals, creating fierce competition for the city’s limited supply of high-end homes, the Los Angeles Times reports.
What we know:
Vacancies for luxury home rentals in Los Angeles are already declining for the 2028 Olympic Games, according to the Times. The demand is coming from a variety of high-profile clients, including superstar athletes, wealthy individuals, Olympic federations, and major sports brands.
According to Hank Stark, founder of LuxJB, his company’s portfolio of luxury homes ranges from $1,900-a-night villas to $150,000-a-night mansions. Three of LuxJB’s 14 Los Angeles mansions are already secured for the games. One 39,000-square-foot property is reportedly rented from January to August 2028 for $2.4 million, which was paid in advance.
What they’re saying:
Stark says he’s receiving multiple calls a week from potential renters looking for properties in areas like Beverly Hills, the Hollywood Hills, and West Hollywood.
Stark also highlighted the needs of elite athletes, telling the publication, “You can’t put [Cristiano] Ronaldo in a hotel room surrounded by strangers. He’s the most valuable player in the world.”
Mokhtar Jabli, the founder of the Nightfall Group, another luxury rental company, told the Times that his company has already secured a $160,000 booking for the games. Jabli stated that rental prices are already 40% higher for the 2028 Olympic Games and expects them to climb.
Why you should care:
The early rush for luxury rentals is putting pressure on an already tight housing market in Los Angeles.
The demand is not only from spectators but also from sports organizations and companies that want a long-term presence in the city.
This trend is driving up rental prices and reflects the significant economic impact the Olympics will have on the region’s housing market well before the games even begin.
The Source: This story is based on reporting from the Los Angeles Times and includes direct insights and data from the founders of two luxury rental companies, LuxJB and the Nightfall Group. The information is supported by specific examples of properties already booked for the 2028 Olympic Games.
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