39 of You Will Fail

A totally anecdotal tale we’ve had with us all day:

We were walking out of our apartment building in Morningside Heights (the area around Columbia University) on Sunday when we encountered a crowd of roughly 20 people streaming into and out of a first-floor apartment. They were young and eager…

And merely the first clump of people we encountered, for outside, spilled onto the sidewalk were another 20 or so people. They were waiting to view the apartment up for lease.

That’s right: 40 people, 1 apartment.

That is the New York rental market right now and it will likely be so for much of 2008.