Think Massachusetts has expensive rentals and tough rental laws? Try Paris.
The practice of investing in a pied-à-terre in Paris and then renting it out on a short-term basis (while using the pad for yourself on vacations) has grown in popularity among Americans, Britons and others over the past few decades. It’s convenient if you go to Paris a lot and it more than pays the bills. In the très chic Saint-Germain-des-Prés area, a furnished 650-foot apartment can fetch about $3,100 a week.
But Paris authorities are now cracking down on pied-a-terre rentals, throwing the entire investment/vacation strategy into chaos. Real estate agents in Paris aren’t happy. Can you blame them? Oh, well.
File under: C’est la vie.