The economic downturn, recession, whatever term you choose to use, has certainly taken its toll on the masses-even the wealthy. In an interesting twist, desperate individuals are renting out rooms in their mansions, some for as low as $600 per month! Luxury property rentals and mansion rentals at that price are unheard of, until now! Imagine hypercars and exotic rental cars available for what seems like pennies!
The trend of renting out rooms in luxury properties and mansions is sweeping across America, as the property owners struggle to keep the banks at bay, essentially transforming their luxe pads into little more than boarding houses or hostels. How does this phenomenon operate?
Stephanie Grant was shocked to discover one such mansion rental posted on Craigslist, stating:
“I had four friends read it. I said what does this sound like? They said, "I don’t know, sounds like a playboy house". So I brought my mom. We checked it out and I got lucky.”
So how bad does the situation get before a luxury property owner decides to rent out rooms? Stephanie rented the room from developer Brian Tuttle, in his Palm Beach dream home featuring hand-painted frescos, onyx imported from Bolivia and enough space to easily accommodate 16 residents.
Tuttle’s fortune diminished during the real estate crisis, forcing him to make a decision to save his assets. Tuttle now rents out six of the eight bedrooms in the Palm Beach mansion for $600-$800 per month, including utilities and use of the pool.
While it may indeed sound like a Playboy mansion, because Tuttle only rents to females, he stated that he only rents to girls because he is a divorced father of a 16 year old girl who often spends the night. Tuttle also mentioned his strict policy of no dating between landlord and tenant…smart.
Reports are growing about this discreetly emerging trend, with former millionaires around America taking on the role of live-in landlords. When you put into perspective that Tuttle earns a mere $4,200 per month from a new business venture, he emerges looking more like a savvy entrepreneur than a desperado.
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Post by Imagine Lifestyles Luxury Rentals