Reality TV star Ryan Serhant's company listing West Palm home to rent for $62,500 a month

The most expensive single-family rental home in West Palm Beach is on the market for a weighty $62,500 per month, an unlikely price tag pre-pandemic but an amount listing agents say is warranted considering the home's pedigree and an influx of wealth the past few years.

Agents with former Million Dollar Listing New York reality television star Ryan Serhant’s Delray Beach office are representing the owner of the waterfront home, which served as the 2023 Kips Bay Decorator Show House — an exalted event that attracts top designers who fashion different rooms.

Although the home at 3240 N. Flagler Drive doesn’t include all of the appointments from last year’s show, it is fully furnished and many items remain, including a Caribbean-themed four-poster bed with privacy shutters, and a pink claw foot tub.

Sneak peek: Palm Beach designer makes a return visit to upcoming 2024 Kips Bay show house

Ed Sullivan, a luxury real estate consultant with Serhant., said other high-end elements from the 2023 Kips Bay show include hand-painted wall coverings, an infinity tub, a faux tortoise shell-painted fireplace, Gucci wallpaper, and beamed ceilings.

“The home is a real showstopper,” said Sullivan, who is working with agent Lindsey Owen Krezwick to market the property. “Whoever rents this home will really appreciate that all these designers came and put their blood, sweat and tears into making something beautiful.”

The house, which was purchased in 2022 for $16 million by a limited liability company with a Los Angeles address, has six bedrooms, six bathrooms, a pool, and a deep-water dock on the Lake Worth Lagoon. It’s about two miles south of the Palm Beach/Lake Worth Inlet.

To determine the rental price, Sullivan said he looked at comparable homes and the affluence that has moved to Palm Beach County since the pandemic. He said it’s not just northeasterners moving south, but also people from Miami-Dade and Broward counties moving north.

Miami-focused Cervera Real Estate announced this month that it was opening offices in West Palm Beach and Palm Beach because of the migration north.

The company attributes some of the moves to the Brightline passenger train, which it said has made travel more convenient between Palm Beach, Broward and Miami-Dade counties.

“It’s exciting to see how much West Palm Beach has developed and we’re looking forward to participating in its continued growth,” said Managing Partner Alicia Cervera Lamadrid in a statement.

More millionaires: Palm Beach County led nation on a scale ranking income gain since start of pandemic

An October analysis of IRS income migration data from 2020 and 2021 by the Economic Innovation Group found that Palm Beach County saw a net gain in adjusted gross income of nearly $263 million from Broward County. Another $42.7 million came from Miami-Dade County.

New York County, which includes Manhattan, was by far the biggest draw of wealth to Palm Beach County during the 2020-2021 time period at about $1.1 billion.

Also, West Palm Beach and the Town of Palm Beach combined ranked in the top 5 fastest-growing U.S. cities for new millionaire residents between 2012 and 2022 in a 2023 analysis by Henley & Partners, which studies wealth migration trends internationally.

The company noted that affluent newcomers, especially in the fund management sector, are working remotely from the two cities, and that the area is an “increasingly popular retirement hotspot” for East Coast millionaires from areas such as Boston, New York City and Philadelphia.

“I think there are a lot of people who have friends who bought places here and they are in Palm Beach, but they waited, and now they come to West Palm Beach,” said Mae Ferguson, senior global real estate advisor at Sotheby’s International Realty in Palm Beach.

The 2023 Kips Bay house that is listed for rent at $62,500 a month ($750,000 annually) isn’t the only pricey listing that agents from Serhant. have in West Palm Beach. Founder Ryan Serhant is co-listing a $39.5 million waterfront home for sale at 3030 Washington Road.

Sullivan also is listing the home next door to the 2023 Kips Bay house for $37,000 a month to rent. He touted the easy access to the inlet, Palm Beach Island and Palm Beach International Airport as attributes for both properties.

“They are not making more waterfront,” Sullivan said. “It's really hard to get this kind of unobstructed view."

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Kimberly Miller is a veteran journalist for The Palm Beach Post, part of the USA Today Network of Florida. She covers real estate and how growth affects South Florida's environment. Subscribe to The Dirt for a weekly real estate roundup. If you have news tips, please send them to kmiller@pbpost.com. Help support our local journalism, subscribe today. 

This article originally appeared on Palm Beach Post: Million Dollar Listing Ryan Serhant firm listing West Palm Beach home