We're in a housing shortage of all types, no?

I'm finding that there's a shortage of property management and trades contractors in this area. 

Your view about not expecting appreciation is based on the experience of that market.However, what if your market had 60 consecutive years of long-term appreciation (every 5 year window for the last 60 years has appreciated), had a similar history of rent appreciation, vacancy rate below 4%, one of the worse housing shortages in the nation, virtually no land to build, a build cost that is ~$100K in permits/fees to start construction on a SFR? 

There was a shortage three or four years ago and now they're being built everywhere.ResidentialResidential investments can offer a dependable source of passive income if you invest in the right city and buy properties that attract the right tenant segment.

It's right next to a university which I was told has a shortage of student housing.

This low- mid 300 price point is very attraction considering all you get out of the buy.I also love Tempe (85281,85282,85283 due to proximity to ASU) and no shortage of renters.

The shortage of lumber and building materials is causing new development prices to increase which directly increases the value of existing multi-family. 

My partner and I are looking into building some in the Alvin, TX area where there is a shortage of rental properties.

Back when there was housing shortage (post-war) KC let property owners dice up their homes/apts/etc. into lots of units with no real regulations.

Cityfeet.com shows that there is no shortage of apartment buildings 10+ in chicago?