Waukegan is 5 minutes from a huge Naval base so there's usually no shortage of military families to rent to.

Balloons coming due with higher interest rates, China market, China production, Manufacturing production moving back to the US, Worker shortages, Workert pay hikes, Ukraine/Russia food and fertilizer misses, Oil prices increasing due to the OPEC Q1 production curtailments in place, Houthi issues, Panama Canal Water issues, Illegal immigration impact (buy one of those office buildings and rent for $10mm per year for Illegal housing, take advantage) social benefits required, Climate change believe it or not- Buy or sell into that thought process,  US politics, Baby boomers leaving workforce and needing more benefits, Baby Boomers moving from Stocks to Bonds,  etc.I agree things will get worse, but that means more investing opportunities. 

Talking to friends and reading local FB forums, there seems to be a severe housing shortage for rentals, prices seem much higher than in the past, and the market is very competitive. 

I am in Tampa Florida and we have a shortage of rentals and honest prices.  

IMO the inventory shortage has pushed primary buyers into investor territory. 

Seattle has become more lenient on ADU regulations because of the housing shortage. 

Fresno is a great place to look as we continue to grow in population and will continue to have a housing shortage for years to come.  

We're growing and currently have 13,000+ apartment shortages due to the spike in new jobs coming to the area. 

they create the environment that discourages additional development of residential units, are surprised when there is a housing shortage, are surprised when rents  rise so fast, and then blame the LL because we profited from actions that the tenants advocated.  

Plus the cost of most things goes up over time.I guess if the house shortage is bigger than the percentage of people leaving prices will still go up.