A couple of fun charts that might give some perspective on the next phase, or cycle.
ITEM 1) Never, have vacancies bottomed out after decline cycle and not risen sharply afterward for years.
Why would the past two-year bottoming cycle produce different results?
ITEM 2) CHART PRESENTED WITH NO COMMENTARY
I suspect the next phase will be a wave of single-family rental inventory being put to market as resales, especially if rates finally respond to the Fed, which is still in question.