Unable to sell many luxury condominiums a year ago, an upstate New York development's owners hired a consulting firm that decided to convert the condos to luxury rentals.

A year later, that same complex – The Mill at Glens Falls – is now 95 percent leased, according to officials with Sunrise Management & Consulting, the group that was brought in to fix the owner's condo woes. The poor state of the national housing market has affected property management firms as well, many of whom have noted decreased condominium sales as buyers struggle with low credit. On the other hand, many consumers are still in the market for luxury rentals, said the consultant group.

"The Mill of Glens Falls is now a stable and successful property," said Jesse Holland, president of Sunrise. The Glens Falls, New York complex is "proving the investor's belief that there is significant demand for luxury apartments."

The asking price on a luxury condo in the building started at $280,000, but property managers had much more success signing tenants to lease agreements for rents that started at $1,300 per month.