Personal Finance

If renting is so great, why aren't there expensive homes for rent?

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  • Jan 12th, 2015 4:28 pm
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Jan 10th, 2015 3:27 pm
techcrium [OP]
Penalty Box
Apr 16, 2012
3565 posts
687 upvotes
Greely

Jan 10th, 2015 3:27 pm

If renting is so great, why aren't there expensive homes for rent?

Say you are a wealthy renter (scoff) for argument's sake. You have $5million and you think real estate will crash. (scoff)

Anyways, continuing on, you want to live luxuriously nonetheless.

You are looking for SINGLE FAMILY HOMES in areas like forest hill, toronto and there's no such homes for rent.


So tell me, how does a wealthy renter get by, unable to rent in that area?
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33 replies
Jan 10th, 2015 3:29 pm
VivienM
Deal Fanatic
Aug 27, 2004
7608 posts
1022 upvotes
Toronto, ON

Jan 10th, 2015 3:29 pm

There are the occasional expensive homes to rent, e.g. for foreign executives or diplomats who have been sent here for a year or two or three yet need an expensive house for the entertaining portion of their job...
Jan 10th, 2015 3:31 pm
techcrium [OP]
Penalty Box
Apr 16, 2012
3565 posts
687 upvotes
Greely

Jan 10th, 2015 3:31 pm

VivienM wrote: ↑There are the occasional expensive homes to rent, e.g. for foreign executives or diplomats who have been sent here for a year or two or three yet need an expensive house for the entertaining portion of their job...
Yes of course, there are a few that are far in between, but as a wealthy renter who thinks real estate will crash....


your choices are SEVERELY limited
Jan 10th, 2015 3:37 pm
stephenelsker
Jr. Member
Oct 5, 2014
181 posts
26 upvotes
Desert Blume, AB

Jan 10th, 2015 3:37 pm

this really strikes me as a call to arms and someone trying to start an internet argument rather than just have a natural discussion.
+6
Jan 10th, 2015 3:46 pm
dighn
Deal Addict
Jul 9, 2004
1572 posts
171 upvotes
Delta

Jan 10th, 2015 3:46 pm

find some hobbies man.
+16
Jan 10th, 2015 3:52 pm
mmagda
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Nov 2, 2008
1628 posts
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The Capital

Jan 10th, 2015 3:52 pm

There's many wealthy renters... the problem is they DON'T CARE.

To them, a rental is a domicile nothing more. Most of these people live very humble lives, drive humble cars. I see it all the time in Ottawa.
+1
Jan 10th, 2015 3:54 pm
actng
Deal Expert
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Nov 2, 2003
16636 posts
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GTA

Jan 10th, 2015 3:54 pm

techcrium wrote: ↑You are looking for SINGLE FAMILY HOMES in areas like forest hill, toronto and there's no such homes for rent.
there are luxurious homes for rent in that area as well as other areas.

/thread
Jan 10th, 2015 3:55 pm
arkroyal
Deal Addict
Apr 19, 2014
1042 posts
991 upvotes

Jan 10th, 2015 3:55 pm

Yet another meaningless stupid thread by Techcrium. I'm not going to put any effort into explaining it to you because you really are too stupid to understand... on average, a principle residence represents about 10% of the wealth of the top 1% in society... the next 9% have principles residences that represent on average 31% of their wealth.. the percent of your wealth that a principle resident represents gets bigger and bigger as you go down the economic ladder .. poor people (like yourself) have 100% of their wealth in real estate and therefore post daily about it because it is your entire life.

Wealthy people don't worry much about their principle residences (like you and Anikari) because their entire financial futures don't depend on it. Wealthy people won't sell and rent just to protect against something like a 3% decline in their wealth. They're much more focused on the much bigger portion of their wealth (i.e business, equities.. etc.)

I'm sure you understood none of this.. next up by you is a post about how bill gates actually became rich paying a mortgage.. not through Microsoft.
+12
Jan 10th, 2015 4:32 pm
delsouls
Member
Apr 1, 2010
283 posts
87 upvotes
Toronto

Jan 10th, 2015 4:32 pm

Most wealthy homeowners don't wanna be landlords, it's a massive hassle, plus they wanna enjoy the fruits of their labour. Plus saying "I live in forest hill"comes off better than "I rent out my forest hill house" lol. See you on page 6.
Jan 10th, 2015 4:32 pm
DDHLeigh
Deal Addict
Jun 20, 2011
2062 posts
1015 upvotes
VANCOUVER

Jan 10th, 2015 4:32 pm

Just because other people have a different view than you doesn't mean it's wrong. Some choose to rent and won't ever consider owning even though they can afford it. Lifestyle choice...
Jan 10th, 2015 4:57 pm
2009M5
Deal Addict
Sep 20, 2014
1520 posts
710 upvotes
Toronto, ON, CA

Jan 10th, 2015 4:57 pm

Drake's mom lived in a basement suite in a Forest Hill mansion as a nanny/care-giver. Not only can you rent these houses, they rent out parts of the house.
Jan 10th, 2015 4:57 pm
nalababe
Deal Guru
Dec 31, 2005
13306 posts
740 upvotes

Jan 10th, 2015 4:57 pm

There are houses for rent in several of the wealthier areas of Toronto.

For the most part who are those renting? People in transition (executives, those about to embark on a year plus renovation), athletes, actors.

Yorkville has a number of houses for rent...seem to recall there was one for sale this fall that Adam Sandler had rented...far more money in these short term (less than one year rentals) in key areas like this...
Jan 10th, 2015 5:21 pm
actng
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Nov 2, 2003
16636 posts
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Jan 10th, 2015 5:21 pm

delsouls wrote: ↑Most wealthy homeowners don't wanna be landlords, it's a massive hassle, plus they wanna enjoy the fruits of their labour. Plus saying "I live in forest hill"comes off better than "I rent out my forest hill house" lol. See you on page 6.
i don't know where to start with this one. this one is full of fail.
Jan 10th, 2015 6:27 pm
techcrium [OP]
Penalty Box
Apr 16, 2012
3565 posts
687 upvotes
Greely

Jan 10th, 2015 6:27 pm

DDHLeigh wrote: ↑Just because other people have a different view than you doesn't mean it's wrong. Some choose to rent and won't ever consider owning even though they can afford it. Lifestyle choice...
Exactly. Some people who are wealthy want to choose to rent, right?

So, they wanna rent a single family home in wealthy area of Toronto...except there's almost NO homes available!!
+1
Jan 10th, 2015 6:44 pm
FutureCEO
Banned
Jul 3, 2013
1508 posts
298 upvotes

Jan 10th, 2015 6:44 pm

As a renter myself, a wealthy renter is an oxymoron. There are middle income renters such as myself but I it is rare that you meet a wealthy renter. And by wealthy I mean networth >$1M.

Regardless of how I feel about real estate prices in Toronto, I will likely buy as soon as I have a $300k downpayment or so. Renting is just no fun.
Jan 10th, 2015 6:55 pm
actng
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Nov 2, 2003
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Jan 10th, 2015 6:55 pm

you guys realize everything is done through companies and not the wealthy individual's name right?

companies own luxury homes
they lease said homes to other companies
those other companies offer free/subsidized/market rate housing to their employees/contractors/etc

if you're searching on mls for the answer to your question, you're an idiot.
Jan 10th, 2015 7:27 pm
techcrium [OP]
Penalty Box
Apr 16, 2012
3565 posts
687 upvotes
Greely

Jan 10th, 2015 7:27 pm

actng wrote: ↑you guys realize everything is done through companies and not the wealthy individual's name right?

companies own luxury homes
they lease said homes to other companies
those other companies offer free/subsidized/market rate housing to their employees/contractors/etc

if you're searching on mls for the answer to your question, you're an idiot.
Well then, you are basically saying that it is profitable to OWN a home and RENT it out to tenants?
Jan 10th, 2015 7:48 pm
actng
Deal Expert
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Nov 2, 2003
16636 posts
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GTA

Jan 10th, 2015 7:48 pm

techcrium wrote: ↑Well then, you are basically saying that it is profitable to OWN a home and RENT it out to tenants?
it's got nothing to do with profit and everything to do with taxes

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