That's what you'd think, but not what's happening at the moment. Rents and house prices have skyrocketed across the vast majority of the country, and nothing is sitting empty. People are paying the higher prices.
What's it take to change? A rise in foreclosures and evictions. Usually caused by economic turbulence, but in this case, just as likely caused by people buying more than they could afford. I'm seeing a -ton- of this in my home city. Houses that should be about 200k selling for 300k, and some beatup Ford Aerostar in the driveway. Feels very 2008ish.
What's it take to change? A rise in foreclosures and evictions. Usually caused by economic turbulence, but in this case, just as likely caused by people buying more than they could afford. I'm seeing a -ton- of this in my home city. Houses that should be about 200k selling for 300k, and some beatup Ford Aerostar in the driveway. Feels very 2008ish.