But I sure get the premise in many markets were houses peaked in the 80s and have been steadily declining ever since.. you can find all sorts of homes in rural America and rust belt cities for FAR less than replacement costs.. so it becomes school.. do you like to pack up and move if your landlord says he/she is selling or they lose the house to foreclosure  etc etc.

My hometown is Cleveland, where the population has been slowly and steadily declining for decades.  

A quick glance at the map reveals how home-prices – a worthy proxy for wealth inequality – have risen dramatically along the coasts, whileThe data show that home prices increased by 40 percent or more in 153 metros (16 percent), including twelve metros where home prices doubled.

The BEST places to invest in rental properties" is in the "lower priced" house, etc. areas, that still have higher rents, and solid, diversified employment, that are steadily growing...

My market is steadily climbing with quality renters so I'm not too concerned about getting new tenants in after the vacancy happens but what I am worried about is the damage done to the newly renovated property and ensuing parties late at night to cause my life a living hell leading up to the end of lease. 

That seems to be outweighed by the extra 3,472 new leases signed.Of course we're not out of the woods as median price is still down 14% and inventory is up 154% YOY, but things are improving steadily. 

They earn a steadily  decreasing return on their cash as appreciation grows.

It's true that taxes, and such have risen....but if the condition of the property has also significantly gone down it may not warrant a  rent increase. 

I started at $1800, then steadily dropped it and now it's at $1575.

Their income has risen every year along with the cost of living, theirs and yours.