As much I and other real estate investors hate it, I do think the long term trend is to tighten up on the tax benefits of real estate.  

In Waterloo, most of my students pay for their own utilities, however, the trend is towards all-inclusive rentals.

Also, if you have a more modern unit, they have some pretty trendy patterns available, just FYI, and your higher-end tenants might appreciate it. 

I'm also looking at an A class in an exceptional A class area where the address is a premier location and people really want to be there.My thought is similar to yours: some people that can afford the units may lose jobs, but for the most part, the very upper class, trendy areas tend to attract a clientele that should be able to handle the next downturn.

If you're accustomed to the Encinitas vibe, you're probably going to want to be in Williamson County or the one of the more trendy areas of Nashville.  

Out here in the flatlands, folks have a lot of brown/natural wood/beige furniture & linens, so gray is a little too trendy for some properties.

Jersey City has become very trendy & hip (hipsters running amok) and perhaps steered many into their coffers.  

Companies are moving down to Nashville, folks losing manufacturing jobs in the rust belt are moving down here, and it is such a “trendy” city.

Right now the trend is toward density and reducing carbon footprint.

They would likely be attracted to an area where there are trendy restaurants, coffee bars and organic food grocers.