The Real Deal New York

Luxury homeowners increasingly want roommates

Some 7 percent of affluent homeowners are doubling up

March 22, 2014 02:00PM

Park Avenue

Park Avenue

WEEKENDEDITION Owners of luxury condos and co-ops are increasingly taking on roommates, often for personal rather than financial reasons.

Whether they are looking for a pet-sitter or companionship, many wealthy homeowners just want to make the most of their space, according to the Wall Street Journal. The Demand Institute, a nonprofit research group run by the Conference Board and Nielsen, found that 5 percent of survey respondents across all markets were “doubling up”— living with two or more unrelated adults. But in the most affluent housing markets, that number reached 7 percent.

However, “it is very difficult to sell something with a tenant,” said Tom Daley, an associate broker on the board of directors with the Greater Capital Area Association of Realtors in Washington, D.C. But Daley added that having a legal rental unit in the home can boost the sales price and help the owner finance the property. [WSJ] Christopher Cameron

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