I disagree respectfully. The 800 pound gorilla in the room is the short-term rental market and work from home people. Nobody ever talks about how much of the inventory that used to be up for year-round renters has been gobbled up by want to be hotel entrepreneurs. How many people own more than one house just in Massachusetts alone? I personally have an aunt and uncle who have no less than three properties up in Quincy Mass and they've owned them for years. In my aunt and uncle are working class people who just found shitty buildings and fix them up and rented them out when the getting was good. How many other Boomers have done the same? Thousands and thousands. It's not lack of supply it's the fact that people are hoarding and holding on to real estate for dear life.