Bubble Wrap

No, We Can’t

The Observer reports on the strong rental market buoyed by gradual layoffs, many newcomers to New York, and fewer buyers who are now renting.

Some rents in some neighborhoods did drop, on average—Chelsea non-doorman one-bedrooms dropped 9 percent from April to July—but the general trend was one of unremitting steadiness: no sharp peaks, and, more importantly, no deep valleys.