Housing prices are in a bubble and they will come down.
But rents once they go higher like this they rarely come down much.
So they will stay near highs even in a recession.
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Sure, until there is a glut in apartments for rent. Not sure if that ever happens in NYC, but in Calgary, after every oil boom goes bust rents always come down once people leave town and there is a glut of available rentals.
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My wife n I play the landlord game; local demand continues 2 b strong with many stories of big rental increases.
We NEVER raise rents n nobody leaves. Presently selling one of the houses to the tenants.
Able to do this buying correctly and not putting the pressure on the tenants