Insane property rent prices are rich people just waste their money ?

[uneng]

If they are paying 10,000$ a month for rent, you can be assured they are making much more in a monthly basis. They can afford renting an apartment in a fancy area, and it's not accurate to say they are wasting money. Maybe it's near to their workplace, maybe by living there they are closer to personal fulfillment and the lifestyle they chose for themselves.

I'm sure many people would also wish to "waste" money like that, if they had the opportunity to do so. However, we have to be realistic that lifestyle doesn't fit our pockets, therefore we have to find feasible alternatives when choosing where to live and where to acquire properties, otherwise we are going to do like Generation Z who keeps saying it's impossible to acquire a house or apartment these days.

[STT]

I imagine all those people have an accountant to arrange the finances, the rental cost could be paid by a business as an expensive.
 There are all sorts of strange write offs possible for property though its usually about ownership, rental can be a cost vs taxes to a rich person I think that is feasible and would explain alot.   Some people are paying a million a year in taxes so why not just offset it vs all the possible costs you might accumulate anyway.
  Monaco has no income tax I think so again if you live there you are in effect gaining more then you lose in the rental costs.

[whiteblue]

Now we look property rent prices very expensive ones yet there is a lot demand from wealthy people even the prices are grazy high.
What's the catch ? Places like new york london or monaco people are happpy to pay for rent in month 10k and that's just low.
Now if you pay 10k month its a 10k x 12 = 120 000 in year. So basecly people are happy to just throw away over 100k in one year.
And in monaco paying 30k $ for rent its very normal that's huge money what people are happy to just waste imagine you just waste every month 30k $ in one year you just waste 360k $ wich you can use to buy or even build house or property.



What are this ? Whats wrong with rich people ? Why they hate money?

That's a lot of money, I feel like I can't count it because compared to my income it's just a dust that's not considered, that much money in my country can get a very luxurious house with a very eye-catching interior and a comfortable life, I feel hurt reading this, but maybe because I'm a person who doesn't have an income of 1 million dollars per month so spending $10k-$30k for that amount of income is not strange and they think it's normal that doesn't need to be thought about seriously, just with enough money we don't question why they do that, because seeing the negative side they don't need to do renovations, maintenance, pay taxes and so on that are complicated, they only know that they want to stay and go as they please.

[btc78]

it may not be a waste to them because as exactly like you said, they have lots of money and just because they rent where they live doesn’t mean they have no other properties or assets

[jcojci]

They press the cost of living by rent. They prefers spend $120,000 in year than paying many taxes of having a house. I don't know how much exactly but here, the taxes increase slowly for having a house. Not to mention to pay maintenance cost for a house that may always happens.

They must have their own calculation with their financial and will use the simple ways but they can have more money. The situation will be difficult so they prepares for the worst.

You can ask those who rich and rent a house to have a right answer. We don't know the situation and just thinks like that.

[AmaGold70]

These amount of money paid per year is really huge, I don't actually know the cost of a plot of land and building materials in these countries, but if this amount of money spent in a year can even purchase a plot of land , it is better to purchase a land , then start your building project gradually. I know some of these people paying this huge amount of money for house rent might be high income earners, but it is better when you have your own home and avoid pressure from Landlord or house owner.
People are actually very different, and not everyone will feel convenient to pay such amount of money. In the other hand, this also depends on the situation of things, if someone is only there temporarily, such person can persevere to pay such amount of money, but those who are living there for very long period of time or are even citizens, it is adviceable to own your own home there, considering the amount of money they spend every year for house rentage.

[Emjay24]

Now we look property rent prices very expensive ones yet there is a lot demand from wealthy people even the prices are grazy high.
What's the catch ? Places like new york london or monaco people are happpy to pay for rent in month 10k and that's just low.
Now if you pay 10k month its a 10k x 12 = 120 000 in year. So basecly people are happy to just throw away over 100k in one year.
And in monaco paying 30k $ for rent its very normal that's huge money what people are happy to just waste imagine you just waste every month 30k $ in one year you just waste 360k $ wich you can use to buy or even build house or property.



What are this ? Whats wrong with rich people ? Why they hate money?

You're viewing it from a poor man perspective, rich people go for value. There may be other value to those properties and higher pricing they patronize than you could see. Some properties are bought to demonstrate some level of competence that can bring in more money, it's not totally a waste of money, they're either investing in future opportunities or in their comfort. Neither of the two are bad investments

[rachael9385]

It's not actually complicated people just live within their means and that's all there is, the price or value of what some people spend to oay their rent annually is enough for someone else to start building their own house but like I said, people spend that way because they can afford. it might not seem like a responsible thing to do but your priorities are misplaced if you try to tell others how to spend their money.

[Hanadawa]

They press the cost of living by rent. They prefers spend $120,000 in year than paying many taxes of having a house. I don't know how much exactly but here, the taxes increase slowly for having a house. Not to mention to pay maintenance cost for a house that may always happens.

Wealthy people often have accountants or financial advisors who can advise them. We see them wasting money, but actually, by hiring, they can save more than the amount they spend on rent. As I recall, the super-rich have tax consultants who provide the best solutions for paying minimal taxes. This is similar to some entrepreneurs who only receive a salary of $1. But all their living expenses are funded by their company and counted as operating expenses, thus lowering their taxes. I think these wealthy people already own personal property. But if they add more properties, they will likely pay progressive tax. The more properties you own, the higher the tax you have to pay. On the other hand, renting can offer several advantages, such as no taxes, no maintenance costs, and no need to worry about the security of the property.

[Mrbuck]

Now we look property rent prices very expensive ones yet there is a lot demand from wealthy people even the prices are grazy high.
What's the catch ? Places like new york london or monaco people are happpy to pay for rent in month 10k and that's just low.
Now if you pay 10k month its a 10k x 12 = 120 000 in year. So basecly people are happy to just throw away over 100k in one year.
And in monaco paying 30k $ for rent its very normal that's huge money what people are happy to just waste imagine you just waste every month 30k $ in one year you just waste 360k $ wich you can use to buy or even build house or property.



What are this ? Whats wrong with rich people ? Why they hate money?

rich people value safety also the good location to be around others you can buy cheaper in some places and rent cheaper but you wount get things like in london nyc the medical care the airport networks the services and a lot places to eat out also regulations and strong goverment laws and stability and yes sometimes its better to pay for higher price.  There is saying:" im not rich to buy cheap things"

Your health security and goverment with strong laws matters too....good luck in somewhere unstable country where you might be even kidnapped and local police even woun't help you! Thats why rich choose higher price but peace of mind locations like nyc london monaco and dubai yes you pay higher price but your health and peace of mind are also valued.

[9ja Amaka]

Now we look property rent prices very expensive ones yet there is a lot demand from wealthy people even the prices are grazy high.
What's the catch ? Places like new york london or monaco people are happpy to pay for rent in month 10k and that's just low.
Now if you pay 10k month its a 10k x 12 = 120 000 in year. So basecly people are happy to just throw away over 100k in one year.
And in monaco paying 30k $ for rent its very normal that's huge money what people are happy to just waste imagine you just waste every month 30k $ in one year you just waste 360k $ wich you can use to buy or even build house or property.



What are this ? Whats wrong with rich people ? Why they hate money?

I will not call it waste of money, because for someone to be able to pay this huge amount of money for rent, then they can really afford it. I believe they get the satisfaction for what they are paying for and I think that's the most important thing when you are purchasing a good or service,  the most important thing is satisfaction,  so once you can derive this satisfaction it's not a waste of money. This can only be classified as waste of money when you know that your income can not cover the expense or after paying for the rent, you will not be able to do anything else, like investment or savings. As long as you can do all this, and you derive satisfaction in what you are paying for, then it's not a waste of money. This is just my opinion.

[Agbe]

let's be factual with this most people would think that this is a waste of money because they are not on the same level financially as those renting such houses. it is not a waste of money to those that can afford it. For a lot of people that are rich they don't just build a house in a hurry because they have a plan to build a certain type of structure that's unique to their constructive ideas and it's not something they intend to rush, this is why some of them stay in rented houses for a while.

[AprilioMP]

[edited out]
What are this ? Whats wrong with rich people ? Why they hate money?

I don't want to say that it's a waste of money by rich people because their basic goals may be greater than what is visible at first glance from the numbers.
There is a principle where they prefer to rent rather than own their own homes. From what I know from internet sources, New York is a city with a high average number of immigrants. That's why I think they would prefer to live in rented accommodation there.
Those who are in business also have a concept of making better use of the movement of money.

[iv4n]

What are this ? Whats wrong with rich people ? Why they hate money?

This is reality... some people can simply afford it. So the real question is, what do they get for their money? Something better, more luxurious, or something else?

I am not sure that anything is wrong with them, it's the system, we are all crazy... so I guess those who have money can be free to do whatever they want with it, even if we think it's wrong or crazy.

And why do you think they hate money? Maybe they just have/earn enough so they can spend more on breakfast than some of us spend for the entire year...

Don’t hate the player, hate the game.

[rezakurnia66]

Normally if you have much money will pay more for rent although unbelievable with the values up to $10k just a month, its depend with your financial condition and absolutely if still difficult with financial get lower rent to pay maybe under $1000 every month. If some one has large salary seems not problem for paying more to rent but difference having lower income and its not worth it spent up to $120k every year to pay rent.
By the way how much an income for payment salary in Monaco and London due has rent price up to $10k every month? seems crazy price of rent because in my country $10k pay rent is enough for one year not one month.

[Finestream]

Let us not forget that when it comes to money spending, the rich people are more smart and wise when handling their finances. So we can't conclude that they are wasting their money without nothing to gain. Most probably, you are writing this narrative from a poor person's point of view, but this post does not mean that you are poor in real life.

The rental prices are not insane, these people just know that they have to pay the price right. And in all honesty, money isn't an issue for wealthy people, they can always afford to pay most especially if the benefits and advantages have exceeded their expectations.

And just to add, these countries are spots for rich people, so its not surprising why rentals are incredibly high.

[Hypnosis00]

no. there is always a reason for a specific price. likewise... Resorts in general are based directly in a vacation spot.
Some properties allow also some extra that are also expensive and you get many more advantage or insurance once you rent there.
if you think in the past buying properties was one of the few methods for "invest" money... but value is based on location.
This is way in Monaco price are a little higher than a poor town in a poor country.

You are right there. It is known also that construction buildings in these countries are already expensive so expect that rentals in return will be pricey for sure. And to think that there is high demand from rich people competing for limited housing like it turns out to be luxury houses with high cost of rentals.

Compared to other countries, these price rentals are undeniably high, but the experience and the convenience living from these properties should also be compensated well by paying the high and right price.

[abhiseshakana]

I choose to describe this ultra rich behavior as "the higher the income, the smaller psycological burden of number when they spend it" I learn it from rich politicus family in my neighborhood, for daily cooking of 4 people they spend USD 600 (in my country it is minimal montly salary for threes industrial worker). All family member not stay in house but in appartment in the city center, and threetimes a day cheft delivering their food from house to apartment (they don't want any fire in their apartment). So i think for a person who have USD 40million/years USD 360k is only a noise when they see everything based on proportion and percentage.
Many high class people has understanding that time is more valuable than money, they will do anything to save time, reduce stress and increase productivitym their concern is not price tag but how to measure return on time. I assume ultra rich people has super safety financial condition with jumbo emergency saving net, diversification of investation and of courde a multiple income stream, so for them any crash or fail investment failure only a fluctuation on their financial life, different with middle income family which see it as disaster.
So to understand ultra rich people behavior we must have income that far exceeds our expenses, we must have asset that generate cashflow, we must spread out risk, and everything near us must be our opportunity machine and the last important thing, our time must be premium.

[Vaculin]

Rich people do not calculate their total spending for a year or two, but they focus more instead on the advantages and the joy and satisfaction they can get out from renting those expensive houses or properties. Its like it becomes their drive to keep going forward and hustling more, and that what they earn from their different investments are just too much from the amount of their rentals.

And just like they say, you will only accept the beauty of these tourist spots if you personally visit there, and that no amount of money can pay their joyful experiences while they are there renting and enjoying the high end amenities.

[yhiaali3]

$360,000 might seem like a lot to you or me, but it's nothing to the wealthy. It's too insignificant for them to even think about.

They spend that large sum happily because it's trivial to them, and they don't even notice it. In fact, they might spend more than that on a single night out at a casino. So, I don't think there's any problem, but it's all relative. What you consider wasteful or a large sum, they consider nothing.