Millionaires are increasingly renting homes instead of buying

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Millionaires are increasingly renting homes instead of buying
Luxury Real EstateMillionairesResidential Real Estate
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Among the wealthy elite, there is a growing preference away from owning a home.

that keep them from purchasing property — but among the extremely wealthy elite, for whom money is hardly an object, there is a growing preference towards renting instead of buying.

Sylvester Stallone is in contract to buy his daughters a glam East Hampton home — in an all-cash deal “That’s a funny conversation we have with a lot of our clients,” who say, “‘Wow, I have all this money and I can’t find a house,’” Ruthie Assouline, who co-leads a Douglas Elliman Real Estate team that specializes in luxury, told the Journal.

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