Manhattan housing prices at record high

Quote from Surdo:

Any softness in condo resales is strengthening demand for high end rentals. Studios are renting for $3250 in my building.

**(That is insane to pi$$ that away on rent.)
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That's the higher end of the market when it comes to studios. Just don't want people to think 3250 is the average price on studio rentals.
 
Quote from USAtrader:

I almost exclusively watch the sales market, but...

Vacancy rates in NYC rentals is so low (as in .75-2%) combined with sales prices so high, I would think the rental market won't change drastically one way or the other until selling prices do (when rents will follow in the same direction).
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If the coming recession hits Wall Street jobs, then subsequent layoffs and bear market could eventually soften the housing market a little bit.
 
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