Coming off the heels of COVID, there were definitely material shortages, shipping delays, and contractor delays.

I have a property in Spring that had no shortage of tenant options despite pricing rent very aggressive to the market at the time last Summer. 

There is definitely a shortage of nice, affordable homes in our area!

We have a national housing shortage right now, demand is red hot.I have seen this many times, especially with out of State investors. 

However, given the current market conditions, it sounds like rehab projects can take a long time right now and costs are up, due to supply shortages, etc.

Apple, Google, Xerox, Fuji film, and Meta are all coming into the area. 5k people a month move to the area which has created a housing shortage, rent spikes, major appreciation (not just due to inflation) and you can still find single family homes for sale on the MLS in good condition for ~250k+ Tenant-landlord laws are landlord-friendly and taxes are low.

There is constant chatter about the shortage of water and I know some people who've left Vegas for this fear alone.

This has caused at least 3 major problems: 1) the market is now oversaturated with Airbnbs, 2) rental rates have come down bc of so much competition, 3) there's a dire shortage of workers available to service the huge increase in the # of Airbnbs.Wait times are often a month or longer for service providers.

There's a need/shortage. 

Any shortage of income to mortgage obligation will count negatively against your income.