Political Changes Bring French Renters to New York

French buyers are renting Manhattan apartments like never beforeManhattan is about to be taken by storm by a wealthy French contingent looking to rent apartments overseas. Luxury Rentals Manhattan has done comprehensive research on new incoming foreign renters seeking apartments and believes a great number of French clientele will choose New York City as their new home due to political changes back in their native Europe. 

On May 15th, Socialist Party member François Hollande took office over presidential incumbent Nicolas Sarkozy, making him the 24th president of France. Anxious over his promise to tax those making over a million Euros a year at 75 percent, many of France’s more affluent citizens are looking to jump ship to the United States and find Manhattan apartments for rent. The new Socialist government has also dedicated itself to upping the tax rate on capital gains to the same level as the tax on ordinary income, giving the wealthy more cause for concern. Manhattan architecture in particular stands out to the French, who can find many similarities between New York pre-war structures and their own. 

This new wave of French renters has focused on Manhattan in particular, seeing an opportunity to snatch up apartments in the East Village and Midtown West areas. With a volatile political and economic environment on the horizon, New York’s Franco presence may significantly increase over the coming months if renters can secure apartments away from Hollande’s administration.