luxury apartments that charge higher than market rates
If they are renting them, they must not be getting higher than market rent - market rent is what something will rent for.
That just doesn't make any sense. They can charge higher than what the market will ultimately sustain because deman is so high. This is what is known as a bubble and, make no bones about it, this one will burst and make 2008 look like a small bump in the economy by comparison.