Your Money Minute Even The Wealthy Pull Back On Summer Home Rentals 6/13/25
Jun 13, 2025
The podcast dives into the surprising decline of summer home rentals by the wealthy. It reveals a notable increase in available luxury properties and falling rental prices. Additionally, it discusses affluent buyers' growing preference for European destinations and a significant drop in new mortgages for second homes. These trends signal a shift in the luxury real estate market, raising questions about the future of summer getaways for the elite.
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Wealthy Cut Back On Rentals
- Even the very wealthy are reducing spending on summer home rentals this year.
- Discounts and numerous unrented beach homes indicate pulling back during economic uncertainty.
High Costs, Falling Purchases
- The cost to rent high-end summer homes can reach $250,000 or more.
- Buying second homes is declining, with mortgages for them down 66% from pandemic peaks.
Europe More Attractive For Summer
- Many wealthy people are choosing Europe over US summer home rentals due to better relative prices.
- Popular European destinations include Greece, Italy, Spain, and the south of France.