Manhattan’s Precious Commodity Du Jour: A Decent Rental

With vacancy rates at unbelievable lows and a very tight rental market resulting in an anticipated 5.3% increase in rents this year according to the NAR (always have to include this disclaimer), many of those who had hoped to stay in rentals or switch from ownership to rentals are having a change of heart.
There are signs the shortage of rentals may lead to some increased sales activity. The summer sales market seems to be stirring. Attendance at open houses is increasing. The buyers who are out there remain apprehensive, but as sellers accept that the market has cooled and prices reflect this, buyers seem more willing to jump back in.