Gothamist points out that the average sale price of an apartment in Manhattan is now one million dollars. Buyers eager to plop down serious amounts of cash to own a little piece of Manhattan real estate outnumber the supply of apartments for sale. The results are bidding wars and a staggering 57% of sales closing over the asking price. Couple this news with this week’s Time Out New York apartments special claiming that there are plenty of Manhattan rental deals to be had on the cheap, and it looks like a great time to rent.

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