Owners of luxury apartments in prime apartment buildings NYC are increasingly subletting their apartments for sizable rents. What’s a few years living in a crowded apartment in a less-desirable part of the city when people are willing to pay astronomical rents for the few luxury apartments open each year. It lets people save money, either to start a business or catch up on bills, and they can always move back later.
The latest way to downsize is to move to cheaper apartment buildings NYC and rent out your own townhouse, apartment or condo. For yuppies down on their luck, this a perfectly acceptable way to cut costs, as they can claim they are just “roughing it” temporarily. Tenants often get a fully furnished home as people who are moving probably won’t be able to fit their furnishings in the new “downsized” digs.
Its going on all over the country- People bought their NYC property when prices were high and now, the mortgage and tax payments became too much. Thankfully there is a huge market in NYC for luxury rentals so these owners are in much better shape than other areas of the country. There is just no room to build more in NYC so the luxury homes there are still going for high rents and owners of these properties are taking advantage of this. Why not. it’s a good way to get out from under a crushing debt.