Rents are reaching record highs as we approach the spring apartment hunting season here in New York. In Manhattan, rents are up 12.8% year over year, and the average rent is $4,175. In Brooklyn, the median rent is also up month over month and year over year at $3,493. So, if you're inclined to put your search on hold to buy a place, then I would say you should think again about that. I'm sure that you were looking at the interest rate movements at the beginning of the year, and listening to the bloom and doom predictions about the property market. As it happens, interest rates are coming down week on week and there's nothing that would suggest that the property markets anything other than very stable here in New York.

If you have the money for a down payment, if you're pre-approved, and if you're not… why aren't you? You should start to look again at what's out there and start thinking about buying because if your lease is up for renewal sometime soon, then there's a very good chance that your rent is going to go up again. Isn't it better to be paying money into the equity that you are then going to build in your home then continue to pay ever higher rents? You know it makes sense!