Submitted by marc Lewis, Aug 2, 2007 13:38

Hi, I am the VP of Manhattan Apts Inc., a large brokerage in Manhattan and I have noticed that many owners are greatly pushing the "rental envelope" this summer to take advantage of the Rental Season which we are in, and I believe that rents have reached a level of "unsustainability" which is causing many people to reconsider their options. In some cases rents are up over 30% from last summer which is much larger than the increase in salaries. Landlords are taking advantage of the reduced inventory of rentals to push tenants to pay as much as possible this summer and when the summer season is over in September or October the owners will be in for a rude reawakening as there will once again be a dearth of tenants available and the market will be in for a winter "freefall" which will effect the price of sales once again as they compete for the same "bodies". Sincerely, Marc Lewis 212-378-2650.

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