Expensive Apartment: What’s the Real Name for Luxury Living?
May, 18 2025
So you see a listing for a fancy spot in the city, and the rent is jaw-dropping—do you just call it an 'expensive apartment,' or is there a better term? Most people in the real estate world say 'luxury apartment.' If it’s on the very top floor with killer views and maybe its own rooftop, then it’s usually called a 'penthouse.' Sometimes you’ll hear words like 'upscale,' 'premium,' or 'high-end,' but 'luxury apartment' is what sticks the most, especially in ads and rental guides.
But just because an apartment costs a fortune doesn’t mean it’s truly a luxury apartment. Some buildings toss in the word 'luxury' for marketing, but real luxury living is about more than a shiny elevator or a fancy coffee machine in the lobby. The best way to judge? Look at the details—designer kitchens, concierge services, crazy-good gyms, maybe even a dog spa or a movie theater right in the building. Some places take it up another notch with smart home tech and private terraces. High price tags, yes, but you’re also paying for privacy and all-hours security.
- What Do You Call an Expensive Apartment?
- Luxury Apartments vs. Penthouses: What’s the Difference?
- Typical Features That Raise the Price
- Who Lives in These Places?
- Where to Find the Most Expensive Pads
- Tips for Renting (or Buying) an Expensive Apartment
What Do You Call an Expensive Apartment?
If you've ever been confused about what to call a super-pricey apartment, you're not alone. The real estate world loves its jargon, and every term has its own meaning. Here’s how it breaks down:
- Luxury apartment: This is the big one. If you see this, expect high-end finishes, services like doormen and concierges, and prices that would make most people sweat.
- Penthouse: Sits at the top of an apartment building, usually with the best views, a huge floor plan, and sometimes outdoor space. Penthouses are always expensive, but not every luxury apartment is a penthouse.
- High-rise apartment: This just means the apartment sits high up, usually above the 12th floor in big cities. High-rise doesn't always mean luxury, but most expensive spots are high up.
- Condo: In cities like New York and Miami, the term condo often signals higher-end units, especially if they're in well-known buildings.
- Serviced apartment: Super common in major business hubs—these come with hotel-like perks and usually target people wanting luxury for a shorter stay.
But here's the catch—none of these terms are legally regulated. A building can slap "luxury" on a rental ad, but that doesn’t mean you’re getting five-star digs. Always check what you’re actually getting. In Cassia’s words after her first tour of an NYC penthouse, “Dad, this place is fancier than a hotel!” She was right: the labels get thrown around, but real luxury you feel the second you walk in.
Take a quick look at how often these terms pop up in major US cities according to rental listings from 2024:
| Term | New York | Los Angeles | Miami | Chicago |
|---|---|---|---|---|
| Luxury Apartment | 29,000 | 18,500 | 11,700 | 9,200 |
| Penthouse | 4,200 | 2,100 | 1,900 | 800 |
| Serviced Apartment | 1,100 | 650 | 450 | 300 |
If you’re hunting for the real deal, always dig into what’s actually on offer. The name may sound fancy, but the features tell the real story.
Luxury Apartments vs. Penthouses: What’s the Difference?
It's easy to lump all pricey city units together, but there’s a real difference between a luxury apartment and a penthouse. Luxury apartments usually mean any high-end rental or condo with top-notch amenities, modern finishes, and better service than your average spot. You’ll find them spread out across different floors in a building. Some buildings call all their units 'luxury' if they were built in the last ten years, have a fitness center, maybe a pool, and things like underground parking or package lockers.
Now, a penthouse is a specific unit—almost always the entire top floor (and only the top floor) of a building. Penthouses often come with private rooftop access, bigger floor plans, crazy views, and tons of privacy. Here’s what sets them apart:
- Location in the building: Penthouses sit up top. Luxury apartments are anywhere in the building.
- Size and layout: Penthouses are usually the biggest. Open kitchens, giant windows, extra bathrooms, and sometimes double-height ceilings are common.
- Outdoor space: Private decks, big balconies, or even a garden—many penthouses offer things you just won’t get on lower floors.
- Price: Penthouses almost always rent or sell for more, even compared to other luxury units in the same building.
One quick tip: Sometimes buildings call the top floor unit a 'penthouse' even if it’s not much different from the ones below. If you’re shopping for the real deal, ask about private elevators, unique floor plans, or those must-have views.
Typical Features That Raise the Price
What actually makes a expensive apartment cost so much? The answers aren’t always obvious until you look closer at what these buildings and units actually offer. Here’s the stuff that really drives rent and sale prices through the roof.
- Location, location, location. If a place is in a prime part of the city—think Manhattan, central London, or downtown Tokyo—you’re instantly paying more. Walkability, famous views, and the buzz outside your window are all built into the price.
- Space. In cities, square footage is gold. Even an extra 100 square feet can mean you’re shelling out a lot more each month. Penthouse apartments routinely offer double the space of a regular unit.
- Amenities. We’re talking full fitness centers, infinity pools, dog runs, rooftop decks, private cinemas, and spas. Some luxury buildings even have golf simulators or wine cellars. Good luck finding any of these in a regular rental.
- Staff and security. 24/7 doormen, concierge services, and valet parking aren’t cheap. It’s not unusual for pricey buildings to have staff on hand for everything from handling deliveries to walking your dog.
- Tech and finishes. Expect smart home systems that control lighting, blinds, HVAC, all from your phone. Kitchens might have top-shelf brands like Sub-Zero and Wolf, along with Italian marble counters and heated bathroom floors.
- Privacy and exclusivity. Private elevators, gated entrances, and soundproof walls are a must for top-tier buildings, especially in celebrity-hot spots like LA or New York.
Here’s a quick snapshot comparing what you get for your money at the high end vs. average rentals:
| Feature | Luxury Apartment | Average Apartment |
|---|---|---|
| Gym | Private, often 24/7, with top equipment | Basic, sometimes shared with public |
| Security | Doormen, surveillance, keycard elevators | Generic locks, maybe cameras at entrance |
| Kitchen | Designer brands, high-end finishes | Standard appliances |
| Views | City skyline, water, or park panoramas | Courtyard or street view |
| Square Footage | 1,500+ sq ft (often much more for penthouses) | 500–800 sq ft |
| Extras | Pool, spa, wine cellar, staff | Maybe laundry, bike storage |
One more fun fact—a 2024 report showed that buildings in NYC with on-site spas and rooftop pools rent for about 20% more than similar spots without these perks. So if you’re wondering why that luxury apartment is so pricey, check the pool first.
Who Lives in These Places?
When people think about luxury apartments, they picture celebs or tech billionaires. Sure, they’re common up there, but plenty of other folks live in these upscale rentals too. Who moves in? Let’s break it down.
First up, you’ve got company executives—think CEOs, lawyers, and investment bankers. They snag these places for convenience, privacy, and that 'work hard, play hard' vibe. Then there are professional athletes, musicians, actors, and even social media influencers making serious money. Lots of these folks want a sense of security but also love the prestige—plus, high-end apartments are often in the heart of the action.
There’s also a growing group of international business people. Many have second homes in cities like New York, London, or Dubai, and use these apartments as a home base when in town. Don’t forget wealthy retirees who want amenities and easy living without the hassle of owning a mansion.
Take a look at the breakdown of who’s renting or buying these swanky places, based on U.S. urban areas in 2024:
| Group | Approximate % |
|---|---|
| Corporate Executives & Professionals | 36% |
| Athletes, Entertainers, Influencers | 18% |
| International Buyers (Business) | 21% |
| Retirees | 15% |
| Other (Families, Trusts, etc.) | 10% |
Here’s something you might not expect—sometimes families with young kids are living in luxury high-rises. They’re there for the safety, the support staff, and access to good schools. Plus, with kids myself, I totally get why gym and game rooms are a draw.
- Location matters: Most luxury residents want quick commutes, top dining spots, or a spot near major business centers.
- Privacy is key: Discreet entrances and tight security are non-negotiable, especially for people in the public eye.
- The social scene: Some folks actually rent here for the community—private events, lounges, or curated get-togethers can be big perks.
So, don’t assume it’s all movie stars and millionaires. The mix is wider and more interesting than most people guess.
Where to Find the Most Expensive Pads
If you’re looking for the real high-rollers’ playbook, start with the big cities where *luxury apartment* prices climb into the stratosphere. The usual suspects are New York, San Francisco, London, Hong Kong, and Dubai. These cities aren’t just expensive because of hype—demand is sky-high, land is limited, and developers know people will pay big money for slick amenities and top-notch locations.
Let’s keep it concrete. In New York, check out Billionaires’ Row—think Central Park Tower, One57, and 432 Park Avenue. You can easily shell out over $100,000 a month for a penthouse. In London, Knightsbridge and Mayfair are where you’ll find price tags that’ll make your jaw drop, with some apartments hitting £10,000 to £30,000 per week. Head to Hong Kong’s Mid-Levels or The Peak, and don’t be surprised if you’re quoted prices that dwarf most folks’ yearly salaries—space is at such a premium that you’re not just renting an apartment, you’re buying bragging rights.
| City | Most Expensive Neighborhood | Average Monthly Rent (USD) | Famous Building |
|---|---|---|---|
| New York | Billionaires' Row | $40,000 - $120,000 | Central Park Tower |
| London | Knightsbridge | $30,000 - $50,000 | One Hyde Park |
| Hong Kong | The Peak | $20,000 - $60,000 | Opus Hong Kong |
| San Francisco | Pacific Heights | $15,000 - $45,000 | 181 Fremont |
| Dubai | Palm Jumeirah | $25,000 - $60,000 | One at Palm Jumeirah |
What makes these places so pricey? It’s location first, then views, and finally exclusivity. You’re paying to be close to famous parks, shopping, and nightlife—or far from noise, if that’s what you want. In a lot of these neighborhoods, strict zoning and limited building space drive the prices even higher.
If you want to tour or even just daydream about these swanky spots, most high-end buildings actually offer virtual walkthroughs online. But a heads up: to even get your foot in the door for a showing, some spots ask for bank statements, proof of income, and sometimes even references from other luxury landlords. It’s a different world when you’re playing in the big leagues of apartment hunting.
Tips for Renting (or Buying) an Expensive Apartment
So you’ve got your eye on an expensive apartment and don't want to get burned. Most folks skip over the little stuff when hunting for pricier places and end up shocked later. Here’s what actually matters:
- Check the real extras. Is that swanky rooftop really available to all residents? Does the gym actually have what you need or is it just an empty room with a treadmill? Tour everything. Ask current tenants if you bump into them.
- Get clear on total costs. Fancy buildings usually have hidden fees. Think move-in fees, package delivery charges, amenity access, valet parking—the works. Some places might even tack on a ‘luxury premium’ to your rent. Always ask for a full breakdown.
- Don’t ignore location details. The fanciest apartment won’t feel so luxurious next to a noisy bar or a busy street. Check noise levels at night—not just at noon.
- Look into management and security. A luxe lobby is pointless if the building staff ignores you or maintenance is slow. Search reviews online, and try calling their front desk with a question before you sign anything. Their attitude gives away a lot.
- Negotiate, even if it feels awkward. High-end apartment owners sometimes drop prices, cover broker fees, or throw in free months to fill units, especially around slower seasons.
It helps to see how premium apartments stack up. Average monthly rent for a luxury one-bedroom in major U.S. cities (as of 2025):
| City | Average Luxury 1BR Rent | Average Standard 1BR Rent |
|---|---|---|
| New York | $7,200 | $4,100 |
| San Francisco | $6,500 | $3,370 |
| Miami | $5,000 | $2,900 |
| Chicago | $4,200 | $2,350 |
Also, don’t sign a lease or make an offer without walking through during different times of the day. I once toured a supposedly perfect place for my friend Cassia in the morning—lovely and quiet. But when we came back at 6 p.m., the building lobby was packed with barking dogs and food delivery bags everywhere.
Bottom line? Know exactly what you’re paying for, talk to people who already live there, and always check the vibe more than once before making any big decision. Your future self will thank you.