In my opinion, it is the best paper out there, bar none. Imagine Rich’s bubble primer, but 110 pages long. Full of graphs, charts, and models. It is very good. There is a lot about rents in there.
And regarding the rental market, I totally agree. It tends to diverge in the short term from the housing market, as demand shifts from one to another, but the two track each other extremely well over the long term.
