Space-challenged Manhattanites are pouring money into post-war rental apartments instead of buying, according to a recent article in the New York Times.
The availability of units in Manhattan stands about 1%, and people are finding that they don't mind investing as little as $5,000-- or as much as $100,000 in a rental, to upgrade various ammeneties, accommodate art and antiques, and house extensive collections of shoes. One even attempted to install a lap pool.
"Ms. Miller, a public relations executive, said she had spent about $4,500 to paint every room of her apartment, to replace the generic light fixtures with ones more to her liking, to retrofit three walk-in closets for her collection of vin tage clothes and to build a closet for her 200-plus pairs of shoes."
- New York Times: Sinking Your Money Into a Rental, by Vivien S. Toy
Photo above courtesy Tina Fineberg for the New York Times and Manfred's Travel Pictures
Thanks to Scott Roewer of Solutions by Scott for forwarding this story!
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