They Could Buy, but Why? Meet the High-Renters

Since moving to New York City 16 years ago, Timothy Brown has lived in seven rentals, a succession of studios and one-bedrooms in Brooklyn, Chelsea, Murray Hill and now Kips Bay, where he has been subletting in a postwar high-rise condo for the last three years.

His real estate agent has been urging him in the strongest possible terms to buy a place, and Mr. Brown, 41, an interior designer, has the means to do so. The inclination? Not so much.

β€œMy nature is to move every couple of years,” he said. β€œMy broker has tried to convince me about the tax write-offs of ownership, but I have enough of those with my business.” Although Mr. Brown is renting (he pays $3,100 a month), he was permitted to renovate the kitchen and bathroom and thus put his stamp on the place β€” just as if he owned it, something he has done in almost every apartment he has rented.

Now I really wish my renters were interior designers. Seems like you could get houses remodeled for free??? :heart_eyes:

3 Likes

No kidding. Talk about flushing money down the toilet.

1 Like

the founder and managing partner of a structured trade finance firm, who, since moving to New York in 1978?

"This is a generalization, but renting in Manhattan is substantially less expensive than owning,” said Mr. Ceurvorst, 61, the founder and managing partner of a structured trade finance firm, who, since moving to New York in 1978, has lived all over the city β€” freedom he savors β€” and currently lives in a two-bedroom, two-bathroom apartment in the Wall Street area.

The building was built more than a century ago and has a nice feel as well as a very well-equipped gym, a billiards room, a theater and an attentive landlord. There is also plenty of space between his bedroom window and the window in the neighboring high-rise, β€œso I don’t have to put my shades down when I get out of bed,” he said. For this, he said he pays $5,000 to $10,000 a month, β€œand I could afford to pay double that.”