They're rich, they're famous and they're renting

Celebrities who can afford to buy a home are leasing their digs, sometimes from each other. Diane Keaton likes Meg Ryan's place.

By Teresa at MSN Real Estate Mar 23, 2011 2:11PM

Diane Keaton (© Gabriel Bouys/Getty Images)More people are becoming renters these days, some by necessity and some by choice.

 

Among those are celebrities who surely have the money to buy a home, if they chose.

One famous renter is Mark Zuckerberg, the founder of Facebook, who recently moved from one rental home in Palo Alto., Calif., to another.

Lauren Riefflin wrote in the Zillow blog about a number of celebrities who are renting properties (some from each other) or who have been forced to become landlords because they can't sell their multimillion-dollar homes.

 

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Here are some of the celebrity renters who Zillow featured:

  • Diane Keaton is well-known for her work buying, renovating and flipping houses, many of which she sells to fellow entertainers. She sold two renovated homes last year, including a 1927 Spanish Colonial Revival home in Beverly Hills, Calif., to "Glee" co-creator Ryan Murphy for $10 million. Keaton is now renting a Spanish-style estate from Meg Ryan. We don't know what she's paying, but Ryan had put her Bel Air home on the market, first for sale for $14.2 million and then for rent for $40,000 a month.
  • Meg Ryan is also renting, paying about $25,000 a month for a three-bedroom condo in New York City's SoHo area. Zillow has floor plans and photos of a similar unit in the building, designed by architect Jean Nouvel. The building has all the amenities, including a 24-hour concierge and an indoor lap pool.
  • Queen Latifah is another celeb renting from a celeb who can't sell her place in this market. She's paying $10,000 a month for Jane Fonda's 4,700-square-foot modern loft in Atlanta, with city views. Fonda had offered the home for sale for $4.5 million and subsequently cut the price to $1.95 million but still found no takers. Fonda has lots of photos of the loft on her website. It was originally four units in the Copenhill Lofts building downtown. Other units in the building are for sale for $119,000 for a one-bedroom and $400,000 for a two-bedroom.
  • Jane Fonda, in turn, is renting a modest, 1,237-square-foot unit that was listed for rent for $5,000 a month, according to the Real Estalker. Her apartment is in the Sierra Towers building in West Hollywood, Calif., where Joan Collins, Cher and Elton John also have units. The apartments have expansive views and floor-to-ceiling windows. You can see photos of a unit for sale in the building for $2.395 million. 

It just goes to show that, no matter how much money you have, there are times when renting makes sense.

 
19Comments
Aug 1, 2013 5:38AM
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Renting is STUPID! You don't own anything at the end of the day and you would've spent a lot of money on renting. If you buy, within your means, you will OWN property, an asset, at the end of the day! 
Mar 24, 2011 11:11AM
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The fact is in expensive real estate states like California and NY it is better to rent than own. Most tenants pay about half of the actual cost of ownership and the National Assn. of Realtors says properties will not return to their 2007 levels for another 5-10 years so no appreciation on your investment. You're better to rent and invest the difference. Wish I could dump my place and rent then when the drain backs up I can just call the owner instead of having to fix it myself.
Mar 24, 2011 9:58AM
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Wow...some of you that take the time to read articles like these... and then bash them?? Whats the point?? If it doesn't interest you don't take them time to read it. The writer has a job and did it. Kudos to them.

If you have nothing intelligent to say, keep it to yourself. You sound arrogant and naive.. 
Mar 24, 2011 8:40AM
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Yes Diane Keaton is still alive and probably still wearing turtle neck sweaters and weird hats. For people looking for 'real news', this is the real estate part of MSN - if you dont want to know about renters & buyers of real estate and are looking for 'real' news dont float around real estate columns...

Mar 24, 2011 7:32AM
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Dear Geanie please check your fact's, Diane Keaton is very alive. I think you owe the author of this article an apology, don't you think????
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Good Looks certainly don,t hurt but I think Talent and a good solid work ethic are really what matters most in life when it comes to any kind of success. I applaud those that have done just that, face it, they have done what most of us only wish we could do, they have my respect and admiration because for the most part they have earned it!  
Mar 24, 2011 7:06AM
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GEANIE, Diane Keaton is not dead. Jill Clayburgh died a few months ago.
Mar 24, 2011 7:02AM
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Teresa Mears the gal who wrote this article; better get another career.   Diane Keaton died several months ago,  she's not renting anything!
Mar 24, 2011 5:55AM
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Who gives a flip?!? I mean really why do we care if they are renting!! How about some real news MSN?
Mar 24, 2011 3:48AM
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 Oh my, the "Stars" are renting! Stop the world!
Mar 24, 2011 1:06AM
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5,000 a month, looks to be a pretty good bargain with other units in the building selling for 2.395 million.
Mar 24, 2011 1:02AM
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Talent and good looks will get you the good things in life.
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If the place is being sold for 14.2 million and rented for 40k it makes more sense to rent because simple math says that it 40k /monthly would be about 29.5 years to = 14.2 million you may be dead by then. In the other scenario a place being sold for 4.5 million or rented for 10k = 37 years before you pay 4.5 million yet again other good reason to rent.
Mar 23, 2011 8:10PM
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If I was a celebrity or millionaire, I wouldn't need to buy a expensive house or anything too high-priced. I would just want to rent, lease, or buy a simple house. It saves money fools! Do you all even know how much you have to pay to live in a mansion or own a billion dollar car (over-exaggerating)?​ Exactly, so explains the reason for spending my money wisely.
Mar 23, 2011 5:59PM
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 i think thats the first time i have ever seen keaton without that stupid hat on.
Mar 23, 2011 5:31PM
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It makes a lot of sense for celebrities who are always on the go to lease or rent, knowing that while you are gone everything is maintained (no yards to mow, no gutters to clean, water heaters, a/c the list goes on) and many places have doormen for security.  Just because you have the money, until it is time to settle for good why bother?
Mar 23, 2011 4:43PM
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Jessily Joee:  What does your coment have to do with the above article???  It makes no sense.
Mar 23, 2011 4:42PM
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So what I got out of the article is the smart thing to do is to purchase homes while they are cheap and the interest rates are low, rent for a few hundred dollars more than the payment on them, putting that money aside for repairs and updates, then raise the rents or flip and sell them when the market stabalizes. 
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