Rental market reaps sales market’s decline

The city’s rental market is up as the sales market continues its leveling off. Inventory in Manhattan was reportedly up 67 percent for May 2006 over May 2005, with condo inventory during the same time period up as much as 87 percent. Higher mortgage rates are helping stave off would-be buyers, especially first-time buyers, who are opting to rent instead, market observers say. more [NYT]