As we have noted numerous times in the
past,there is a
Bull market in serfdom.
America's Renter Nation has never spent more of its paycheck on
rent and as Zumper notes, with rent prices in San Francisco and New
York at the highest in the nation,
affordability does not seem to exist in these two
metropolitan areas.
For some idea of the scale, there are actually castles in
France and Italy that can be rented for about the same price as
average apartments in these cities...
All of the castles on this list have at least five bedrooms
(one has eleven), while the correspondingly priced apartments in
San Francisco or New York range from a studio with a
murphy bed to a four bedroom.
1. Antic Castle, Tuscany,
Italy- 11 bed, 11 bath, $4,040/month
Nestled on a private hill and
surrounded by trees and vineyards, this massive eleven bed castle
can comfortably house up to twenty five guests. Built in the Middle
Ages, this former aristocratic residence has been renovated to
include modern day luxuries such as air conditioning, central
heating, and satellite television. However, the 17th
century stone fireplaces and beautiful terracotta floors still
exude a warm, historical charm.
Or you can rent…
Stuyvesant Town, New York City, NY- 2 bed, 1 bath,
$4,000/month
Newly renovated,
this contemporary two bedroom
apartment has spacious bedrooms with generous closets, an
adorable kitchen with modern appliances, and a stylish bathroom
with a sparkling tub. Along with concierge service, this apartment
building also comes with a fitness center, residents lounge, and
on-site laundry. Having twenty five guests may be a little tight,
however.
2. Chateau Le Mur, Comblessac, France- 8 bed, 5 bath,
$2,800/month
Sitting on 180 acres, this fifteenth century, eight bedroom
castle is immense and fit for royalty. You can take in the
stunning views of the scenic dairy farms nearby from the balcony or
sunbathe in the bountiful garden. Inside, there are multiple, large
fireplaces, medieval themed kitchens, and a knight’s armor at
the door to greet you.
Or you can rent…
Upper East Side, New York City, NY – 2 bed, 1 bath,
$2,995/month
Recently renovated,
this cozy two bedroom apartment has
glossy hardwood floors, new fixtures, and a minimalist
kitchen. The bedrooms are compact, but with large windows to
let in an abundance of natural light, the rooms feel much bigger
than they are.
3. Chateau Arfeuilles, Region Auvergne, France- 6 bed, 3 bath,
$6,525/month
Sophisticated and elegant, this six bed castle has been
carefully decorated so each room is unique but the entire interior
still exudes a tasteful charm throughout. The kitchen is fully
equipped with modern appliances, there are two living rooms, one
with a television, and every bedroom has a chandelier hanging from
the ceiling. If you want to enjoy the sun, you can bask by the
pool or lounge in one of the terraces.
Or you can rent…
Hell’s Kitchen, New York City, NY- 4 bed, 2 bath,
$6,700/month
In a brand new building,
this stylish four bedroom apartment has
shiny oak floors throughout, a natural calacatta marble backsplash
in the kitchen, and porcelain walls in the shower. There is a large
rooftop sun deck, private storage available, and 24/7
security in the lobby.
4. Ringuette, Region Aquitaine, France- 7 bed, 2 bath,
$2,925/month
On a piece of land that covers over 200 acres, this
magnificent seven bed castle can accommodate up to twelve people.
The spacious kitchen has a wood stove and the living room has
a large fireplace. Outside, there is a lush, walled garden
covered with vines and flowers, a private swimming pool, and a
beautiful courtyard formed by the structures of the castle.
Or you can rent…
Lower Haight, San Francisco, CA- Studio, 1 bath,
$3,000/month
With just over 400 square feet,
this snug studio apartment comes fully
furnished with designer fittings. If you wanted to entertain
guests, the Becker Murphy bed can be lifted up and hidden
away. The kitchen has modern appliances and the bathroom comes with
a tub. Some building amenities include a fitness center and a
landscaped roof deck.
5. Perrier, Périgord, France- 6 bed, 5 bath,
$4,940/month
Fully restored, this tremendous six bedroom castle has a double
fireplace in the living room, a large kitchen, and a game room with
a billiard table. Outside, you can take in the stunning views of
the countryside in the garden that covers three acres, play
football in one of the several lawns, or relax and enjoy the
sun in the private pool.
Or you can rent…
Laurel Heights, San Francisco, CA- 3 bed, 2 bath,
$4,995/month
With plenty of windows,
this bright three bedroom apartmentlets in
plenty of natural light. Dark, hardwood floors run throughout the
home and the spacious master bedroom has a large walk-in closet.
The kitchen has a breakfast bar that opens up into the dining room
area and there is a wood-burning fireplace in the living room.
6. Manoir de la Motte, La Motte, France – 5 bed, 3.5 bath,
$6,064/month
Tucked in an abundance of trees, this five bed, nineteenth
century castle is a hidden, romantic escape from the world. All of
the bedrooms are meticulously decorated with embroidered sheets and
beautiful draping over the beds. You can take a hike through the
lush forest or relax and enjoy the peaceful ambiance in
the private garden.
Or you can rent…
NOPA, San Francisco, CA- 3 bed, 2.5 bath, $6,300/month
With 1,750 square feet of space,
this three bedroom condo feels like a
single family home. It has a recently remodeled kitchen with
new appliances, a quaint garden with lemon and plum
trees, and adorable pastel walls throughout the home. There are
glossy hardwood floors in the living room and kitchen and soft
beige carpet in the bedrooms.
Source: Zumper.com
* * *
With buying out of the question for mnost (hint - Student loans
and affordability) and renting becoming increasingly unaffordable,
the entire household formation "upside case" is now collapsing on
itself, something we've discussed on a number of occasions. Recall
the rise in "
parental co-residence rates":
Note that this situation has the potential to become
self-fullfilling.That is, as homeownership becomes
increasingly unrealistic, demand for rentals will only increase,
driving further increases in the cost of rental housing.
The question then becomes this: what happens when a family
that can't afford a down payment can no longer afford to pay the
rent?