Notably it happened recently (2008), but that was a rare occurrence.With the lack of new houses being built since 2008, there is a pent up demand and that won't be resolved anytime soon. 

A lot of this is likely due to pent-up demand from buyers priced out of the market last year. 

Thank you both Keith Pent & Rob Poulin for the clarification.

However, “starter home” and Small Multi-Family markets are still going very strong due to the pent-up buyer demand, lack of inventory, and increasing rental prices.We are keeping an eye on the multi-family inventory in MA very closely and also monitoring the average sale price vs list price so we can provide better guidance to our clients.

.- Much demand remains pent-up due to persistent low inventory.

Our local economist from Grand Valley State University predicts a national slow down by 2019 but does not see that affecting the West Michigan real estate market (especially the Grand Rapids area) for many years to come due to pent up demand and the significant deficit of existing housing on all fronts and continued job growth.  

There is huge pent-up demand in the area for families with lower incomes and shaky rental histories.

Too much pent up demand for housing for it to drop much.You'll need more money than just your BAH, and you would be taking a risk betting on appreciation, but even though it has slowed down, it is still going up.DM me your email address, and I will send you our latest market report for Q1.

There is a rental season in most areas as well unless you just have a major pent up demand, so you will want your opening to coincide with the beginning of that season if possible.

It seem like this might be a viable option in the rental market.My questions are; 1) Is there a pent up demand of tenants looking for section 8 homes?