Due to the lack of rental home vacancies, The Wall Street Journal reports that a current trend in real estate is that people all over the country are dropping tons of cash to make luxury rental renovations to homes that they don't even own. Why? In many cases, the rental price may be controlled or more affordable than other comparable living situations, so these renters see the value in sticking around.
For example, one couple in San Francisco spent $300,000 on major upgrades including installing a top-notch kitchen and knocking down walls. On the other coast a real estate developer (ironic, we know) who has lived in his Upper West Side, New York City rental for 18 years decided to make modern updates that cost nearly $100,000. Of course, the landlord will be the biggest beneficiary in the end, unless of course they don't like your style and prefer that you return the home to its original state, as per typical rental leases.
Watch the video above to see these improvements for yourself. Then tell us what you think in the comments below. Are these investments worth it?
Click through our slideshow below for much less expensive ways to make your rental less soulless.
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