While I recognize that California will likely always grow, or at least not shrink, the fact of the matter is this:  money goes where it is treated best. 

I went to shrinks to try to stay with my wife, but there was no way I wanted to live with her for another.

If you can really get 1800/month (400 extra a month is ~$5k in extra cashflow) - which is amazing...however if you don't end up with a long term tenant, that $5k shrinks a bit.  

Since there are less people willing to be landlords, the rental stock is becoming smaller and smaller and will continue to shrink as rental houses are sold to new homeowners. 

We'll see if it shrinks again in the 4th quarter.5 - Colorado Springs is a stable market.

That could result in either it will be difficult to keep your property occupied since people aren't vacationing too much or, if you're lucky, a lot of hotels and vacation rentals in that area go under, so your competition shrinks.

Landlords are out money which is going to make them screen harder, require higher deposits, increase rents, or maybe just get out entirely which would shrink available housing or make it significantly harder to obtain. 

As we all know, the economic uncertainty surrounding Covid has caused lenders to shrink and/or restructure their lending capabilities.

The tree counties I am investing in inventory is shrinking and prices are going up accordingly.

Is it growing or shrinking?