This issue was covered extensively in the Rents Are Up post on this website.
To summarize: I own 3 SFRs (in Tierrasanta) and on the supply side I have never seen so few available rental properties since I began landlording in 1989. Lower inventory drives up rent prices.
The rental demand side has increased due to people “purposefully” renting rather than buying even if they can afford to buy because they are expecting housing prices to decline from their current peak.
