Real estate mogul Ryan Serhant talks national housing market & NYC's skyrocketing rent prices

Let's talk about that and more and bring in Ryan Serhant of Serhant Real Estate and he's got some amazing new projects as well. I want to hit two. I I got, I'm going to ask you in a second, right about a pet spa. But first I need to ask you about the macro markets. What are you and your team seeing nationwide? Any sign of any kind of cooling off? Yes, there is a a resurgence in the housing market so far this year, which is a welcome welcome return compared to what we went through in 20/23/2023 was the slowest housing market for home sales and absorption in nearly 30 years. So, so that had to eventually give way to what we're seeing now which is yes, inventory is low, yes, monthly housing costs are all time highs, yes, housing payments are all time highs, but active listings are up 14% nationally year over year. So that brings more inventory to the market and buyer demand is starting to soak. And there's good news, as you just pointed out, in two of the hottest markets in the United States. We've got Florida, we've got Texas, good tax markets, good construction markets, good regulatory markets, probusiness markets. So it's easier and faster to build in those markets. So we can. So we've got strong housing starts. So you've got new construction coming to those markets to satisfy the demand that we have out there, which can put a little bit of pressure on that pricing, which is 0. Hey, so it's been good. So far, so good, knock on wood is my passport. I think it is. And I want to talk about Brooklyn Point and some others in a second, but let's focus a little bit on New York City because we've seen rents soar across America. By the way, when prices go up, rents kind of go up because the buyer has to then rent the house out to make money at the higher price they paid for it. I get it. But it's like in Manhattan, I think that rents went up 57 times more then wages. You're doing your part with Excel. You guys are trying to build more. How do we get more inventory into New York City? Because what's that guy say? The rent is too damn high? Yeah, yeah, that guy did say that. A lot of people say that rents are high in certain markets. You know, we have clients who come to us and say I want to rent an apartment in Soho and I just want a doorman. Nothing too, too crazy. And we say great, you're going to pay somewhere between 8:00 and $10,000 per month per bedroom. And in some of the key markets in New York City, that's not even that bad. We just rented a three bedroom apartment on Central Park for $120,000 a month. Now these are, you know, you would say that these might be 1 offs, but but they're really not. You know, there's a significant amount of cash in the marketplace. People are trying to figure out what their future holds for them. It's an election year. And so you have a lot of people soaking up these rents to say, well, I don't know what's going to happen in November. Let me rent for now and see where my job's going to be. See where the election is going to end up, where I need to go, where I don't need to go. The rents are high, but they're cooling down too. And as an average, the rent has gone up over 7 times. And New York City will always be one of the most expensive housing markets in the world because it is an island and it is a rock. And a lot of people do really want to be here based on the traffic I saw today, Ryan, I've said there's plenty of people here now very quickly, if I'm going to pay, if I'm going to pay that kind of money, I want a 65 foot indoor saltwater pool, a wine room, a study room and something called a pet spa. This is your Brooklyn point. What is a pet spa? Well, I've always got to have a pet spa that's especially posted open. We're selling, we're selling a building in Downtown Brooklyn called Brooklyn Point. We don't have that much inventory left. We're almost near the sellout, but it's an amazing tower. It's one of the the tallest residential towers in Brooklyn. It's got the highest residential Infinity swimming pool in the Western Hemisphere. And it's got a, it's got a pet spa for your little dog. You know, especially on these rainy traffic filled days, their little paw paws, you know, you get a little bath, maybe a little blowout for little, little, little puppy. I don't think, I can't even think of a dog name right now. It's been a long day. So there's a pets, but there's more. I mean there's basketball. There's virtual squash. Now you can play with people all over the world. Wow, actually the different world these days. It's an amazing, amazing project. I'm going to move in with like 4 Newfoundlands. They will be so clean. They'll be the cleanest noofies.