What has caused 10-20% rent growth and will it last?

[Bobby Larsen]

I don't think I've been this cautious in a long time. I think there are still good opportunities but some markets are just bonkers. I'll caveat this by saying it's not just real estate, all investable asset classes seem risky at the moment. In order to forecast what the next 12, 24, 36 months will look like in the multifamily industry, I've been asking myself what the catalyst was for 10-20% annual rent growth across what seems like the entire country.  Population growth, employment, wage growth, supply, etc. all have been following the same 5-year rolling historical average, so why the big jump in prices and rent this year?  I have some thoughts but very interested to hear from other experienced operators.