Luxury homeowners increasingly want roommates

Some 7 percent of affluent homeowners are doubling up

New York /
Mar.March 22, 2014 02:00 PM

 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


Related Articles

arrow_forward_ios
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)
For 15 years, David Koch lived at the world’s “richest building”
For 15 years, David Koch lived at the world’s “richest building”
Here are the week’s top luxury sales
Here are the week’s top luxury sales
Here are the week’s top luxury sales
48 East 81st Street
5 enviable abodes on the Upper East Side
5 enviable abodes on the Upper East Side
Sterling Equities Chairman Fred Wilpon and 334 West 20th Street (Getty, Compass)
Sterling Equities’ $22M Chelsea townhouse sale claims neighborhood record
Sterling Equities’ $22M Chelsea townhouse sale claims neighborhood record
85 Jay Street (Williams New York)
Condos at 85 Jay Street claimed last week’s 3 priciest Brooklyn contracts
Condos at 85 Jay Street claimed last week’s 3 priciest Brooklyn contracts
Mystery buyer closes on “Jenga Tower” penthouse for $45M
Mystery buyer closes on “Jenga Tower” penthouse for $45M
Mystery buyer closes on “Jenga Tower” penthouse for $45M
Vornado Realty Trust CEO Steven Roth with 220 Central Park South (Getty)
Vornado’s 220 Central Park South approaches $3B in total sales
Vornado’s 220 Central Park South approaches $3B in total sales
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...