Then, as Account Closed said, you have big NW borrowers who can get crazy cheap financing rates for financing they often don't even need. ( as low as 2.75% now for 5/1 ARM on Multifamily for VERY well-heeled borrower).

A few minutes later I notice a HUGE spike up in everything and I panicked.

If you vacancy spikes temporarily are you going to be losing sleep wondering if the marketing, turnovers, etc are being done to your expectations? 

Guns drawn and tires spiked.

Many of them were over-leveraged, under-capitalized, and weren't prepared for a spike in vacancies and bad debt.It all boils down to your ability to absorb risk, and only you know what that looks like. 

This will result in mortgage rates spiking, and indeed did, with 30-year rates zooming from ~7.6% to 7.8%. 

In my market we see a spike in demand come spring, however, the rates will dictate that a bit more this year. 

I don't see any dudes in bell bottoms, stacks and afros but I do see dudes with tight cloths, high heels, and colorful hair.

An inland area like ours tends not to have the same spikes and drops as the coastal big cities when things do finally come down.

I'd imagine we'll see a spike in ADUs and garage apartments, along with duplexes, right?