No, but in a more or less normal market, they aren't completely disconnected. The rent-price ratio will not usually vary a whole lot (one of the markers of the

No, but in a more or less normal market, they aren't completely disconnected. The rent-price ratio will not usually vary a whole lot (one of the markers of the Great Bubble was that the ratio was completely out of whack). Since units of housing are somewhat functionally the same whether you rent or buy, price changes in one part of the market will eventually catch up to the other.