Although the Manhattan real estate sales market has long been a full-blown spectator bloodsport worthy of an X-Games-like nightly television special, the rental market has patiently remained in the background, a cerebral cousin who stays home and plays it safe.
The rental market is much more responsive to changes in economic conditions, especially rising unemployment. Many firms are cutting back on hiring or are downsizing. In better times, new hires were a key driver of the rental market as new employees...
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