Low vacancy rate did not make rentals go up, because the rental market was led by the lower income people. Median income is $60K or similar in SD, so the people earning under $60K drove the rental market, keeping rents low, and the people earning over $100K and getting stock options drove the home buying market. Then everyone else had to get crazy loans to compete with the stock=options +$110K buyers. So far this makes sense, but we’d need to know if enough “stock option and +$110K buyers” existed to move the market.
