“Rental houses are just another substitute for rental apartments.”
I don’t agree, Rental houses come with more or less dirt and in some regards can be thought of as a land bank with cashflow. This benefit is more likely to be realized in some areas property types then others.
OTOH, I could be completely wrong about all this and we might be looking at the “new paradigm”, where the old rules don’t apply.
With all due respect bugs I think your outlook requires a new paradigm as much as the bullish one’s do. I appreciate it that you are admitting the possibility of being wrong as we all are in that boat.