I think rents are up somewhat at a macro level. Probably 10-15% from the bottom of the recession in 2008-2009 but that was 5-6 years ago. 2% per year isn’t crazy inflationary pressure. Rents certainly aren’t keeping up with home prices and I’m seeing properties that push hard on the rent are sitting vacant for longer. Rents are going to go with the local economy. For the time being investors have decided to accept crappy cap rates and pushed the prices of real estate up much faster than the rents.
