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Realtors® have been reporting rising rents on a year-over-year basis. In recent years total housing production (single family, multifamily, manufactured housing) has been running in the neighborhood of 600,000 units, while the demand for new space due to housing formations, obsolescence of the existing housing stock, and second homes has been in the neighborhood of 1.35 million units. We are continuing to run a housing deficit.
Currently the housing markets are perceived as slow—both in terms of price and sales. However, unmet demand for new units is building on an ongoing basis, so it appears that there continues to be the potential for rent increases, and some of this increased demand should eat into the foreclosure and shadow inventories in future years.
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