With buyers scarce, rich renters will do

  • Article by: KIM PALMER , Star Tribune
  • Updated: February 20, 2012 - 2:49 PM

Million-dollar homes are going for $10,000 a month.

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joshwarren84Feb. 19, 12 1:34 AM

I like how he degrades college students, not all college students are bad renters, most of the time they can't afford to be in a quality rental to begin with, and usually those are mismanaged older apartments and houses. It doesn't necessarily mean that they take care of their individual apartment or house poorly, it's that there are certain obstacles in which they can't match someone that has full time work. It would have been a much better comparison if the guy had said Section-8 housing. Those are the ones that get trashed by the sub-par renters. Leave college students out of the mix please.

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essdee09Feb. 19, 12 7:51 AM

It is no fairer to degrade "Section 8 renters" than it is to degrade "student renters". I'm not Section 8 or a student but I know people who are and the main difference between them and you and me is that they make less money.

There's a reason "rental property" has the reputation it has. It didn't acquire that reputation on the backs of just Section 8 and student renters.

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carlsonFeb. 19, 12 8:51 AM

One cannot read this article without aching for the high-end homeowners and their high end real estate agents. What is the world coming to when even the rich are forced to rent their homes(ewww can't even stand to say the word). Such sarcasm may sound like class warfare, but it only reflects what the middle class (or the "soon to be rich" as republicans so cynically call them) has been experiencing for several years. With corporate attention devoted entirely to "shareholder value" (except for corporate directors and officers) rather than to loyalty to their customers or employees, more and more employees are not willing to chain themselves to a huge income drain like a house they may be unable to sell when they get fired/transferred every two to three years. In the future renting will become the norm, except for the rich, of course, who will demand the corporation buy or build them a new home, come in and run the corporation into the ground, and then leave "to pursue other opportunities" in a couple years with a severance package(negotiated when they were hired before anyone discovered they were less than superhuman) that includes millions in cash, lifetime midas level health coverage and use of the corporate jet. Again, my most heartfelt condolences to the rich.

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cosmicwxdudeFeb. 19, 12 9:15 AM

Carlson, just couldn't resist the republican dig could ya. Of course there are no liberal lefties in corp america....oh that's right, they are.

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pitythefoolsFeb. 19, 12 9:18 AM

carlson: "In the future renting will become the norm, except for the rich, of course"

Given that 1 in 3 mortgages are now under water and walk-aways, short-sales and foreclosures are becoming the norm, in the future the rich will have bought up all the existing housing for cash and we will all rent from them.

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owatonnabillFeb. 19, 1210:18 AM

There's a pretty good business in Las Vegas (or was several years ago at any rate) of persons buying second homes for the purpose of renting them out to families, groups, etc. for special occasions. We rented one a few years back at $1,500 per week for a family reunion. Very nice six-bedroom, fully furnished, swimming pool, etc. Split among my siblings and I the cost was more than reasonable. Rather than bemoaning their plight, I think enterprising people will find a way.

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wallyworldmnFeb. 19, 1211:10 AM

$10,000 a month rent?? Unimaginable to 99% of Americans. As a business property that can be leased for short term functions, the concept is viable. As a home, the idea seems somewhat obscene. The line between "want and need" was apparently blurred for these folks a long time ago.

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brokenglassFeb. 19, 1211:24 AM

Of the seven deadly sins, only envy produces no enjoyment for its practitioners. At least the mentally healthy ones.

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Kweber01Feb. 19, 1211:25 AM

I agree with Carlson, this is obscene. Sorry, but there should be no telethons or pity for anyone who can afford $10,000.00 a month just for their housing. You can find plenty of housing for a lot less, but then, the very rich are unaccoustomed to slumming it with the rest of the 99% and consider it beneath them to live frugally. Yet, they would have everyone else tighten their belts and do with far less than the relatively meager incomes we all live with, they consider Social Security and Medicare (something we have all been paying into for years) to be "entitlement programs" and would cut them to maintain their own ridiculous tax breaks. If this article doesn't point out the skewed perspective the rich have on the rest of the world at large, nothing does. If $10,000.00 a month to live in a Mc-Mansion doesn't sound crazy to you, then you are not aware of the plight of the majority of the nation.

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gopherfan10101Feb. 19, 1211:50 AM

"Given that 1 in 3 mortgages are now under water and walk-aways, short-sales and foreclosures are becoming the norm, in the future the rich will have bought up all the existing housing for cash and we will all rent from them." posted by pitythefools

Nope...RESPONSIBLE people who don't buy more than they can afford will be homeowners. But nice try to blame the rich for everything. Pathetic.

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