MANSION --- Counting House: Wealthy Renters Want to Upgrade Their Spaces --- Not all owners are on board, but more are greenlighting renovations that boost the value of their rental property

 

 

“Affluent renters who may spend $20,000 or more a month on a luxury single-family home or apartment are increasingly customizing their new places -- replacing lighting, adding home-office space or just painting and adding wallpaper, all in an effort to live in a space, albeit temporarily, that fits their design aesthetic and lifestyle. Many landlords are not only allowing these renovations, they're actually encouraging them.

 

"Landlords will base their decision on whether the tenant's improvements add value to their rental property," said Ashley Reidy Quinn, a real-estate agent with Coldwell Banker Warburg in New York City. "It's the tenant making the expenditure, so the improvement comes at no cost to the landlord."

 

Reidy said, however, that owners who plan to move back into an apartment "often don't want any major changes, so they're less lenient. There's also a greater emotional tie to the property."

 

Reidy represents the owners of a three-bedroom condominium in New York City's Lenox Hill neighborhood, which they purchased for investment in 2016 for $14.8 million. The current tenants first leased it in 2016 and have renewed every two years, paying about $50,000 a month in rent.

 

Before moving in, the tenants made $2 million in structural and design changes to the unit, hanging wallpaper, installing French doors, replacing toilets, painting, swapping a shower for a tub and building custom closets. The owners agreed because the changes added value to the apartment and would be desirable for future tenants or the owners themselves if they ever decided to move back in, Reidy said. Plus, allowing the tenants to treat the home as their own encouraged them to stay longer, saving the landlords the cost of turnover, which Reidy estimates to be one to two months of rent.

 

Here are some things to consider if you're an owner renting your home to a tenant who wants to make changes.

 

Vet the proposed work.

 

Landlords should treat the requested improvements as if they are doing the work themselves. Review the plans, make sure the contractor is licensed and provides a certificate of insurance, ensure necessary building permits are in hand and obtain required approvals from the condominium or cooperative association.

 

Eric Rollo, vice president of The Agency for Greater Boston and Cape Cod, worked with a tenant in 2023 who rented a duplex penthouse in Boston's Back Bay neighborhood for $6,000 a month. Since the unit was "tired," Rollo said the tenant wanted to repaint it, repair cabinetry and install custom built-ins in closets. But while the landlord agreed to the changes, he rejected the tenant's first choice of painter because he wasn't licensed and insured. "Even if you have the most qualified and best tenants on paper, landlords still need to do their due diligence to protect their investments," Rollo said.

 

Put your requirements in writing.

 

While leases vary by state, most prohibit changes to a rental property, even painting, without the express written consent of the landlord. Assuming the parties agree, however, they should execute a rider to the lease that details the approved changes and indicates whether the tenant needs to restore the property when they vacate.

 

 Philip Tabor, an agent with the Corcoran Group in New York City, represents the owner of a two-bedroom condominium in New York's Hudson Square neighborhood that has been leased since 2022 to tenants who pay $19,000 a month. The owner agreed to allow the tenants to change all of the lighting fixtures, repaint the primary bedroom and remove a closet door to create a desk nook. "They are ideal tenants, so the owner agreed to a lease rider to allow it," Tabor said. "These people have a very specific design aesthetic, and the probability that they will stay longer is very high." However, since the landlord ultimately plans to use the apartment himself, the lease rider requires tenants to store the original lighting fixtures and reinstall them when they leave, as well as to return the closet to its original condition and paint the bedroom white.

 

Offer temporary options.

 

Even in a rental, a home should feel personal, but if your property is brand new or filled with upscale finishes or fixtures that you don't want touched, see if the tenant will consider temporary upgrades to personalize it. Dane Austin, owner of Dane Austin Design in Boston, said that simple swaps like adding motorized, woven-wood shades or upgrading to decorative cabinet hardware can make a huge difference while leaving the unit unaltered.

 

"Even removable grasscloth wallpaper can soften sound and add a sophisticated touch," he said.” [1]

 

1. MANSION --- Counting House: Wealthy Renters Want to Upgrade Their Spaces --- Not all owners are on board, but more are greenlighting renovations that boost the value of their rental property. Friedman, Robyn A.  Wall Street Journal, Eastern edition; New York, N.Y.. 19 Dec 2025: M12.