Perhaps no other indicator is more relevant for Manhattan than the impact the rental market has on the sales market. We are seeing a very low vacancy rate (less than 1.59% in February one of the slowest months and in some neighborhoods even lower) and a very rapid run up in rents.
Unless you have a rent controlled apartment, your landlord can raise your rent as much as he or she desires. As rents run up the rent vs. buy comparison begins to weigh heavily on the side of buying. This has already and will continue to strengthen the sales market as more people realize they can save substantial money by owning.
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