Yeah, there is a ton of new construction going up however there is also a major labor shortage causing labor costs to rise as well.

In some states I think things will probably start to soften, but with all of the population growth and housing shortage in Salt Lake metro, the demand will continue to grow. 

There is a major shortage of rentals right now so if you are a landlord you are in a sweet spot.

Albany, Syracuse, Utica, Rochester, all upstate.There is never a shortage of renters in our area

Vacancy is currently 0; unit is near a university, and the university has signed 2-year leases for 100% of the units (severe housing shortage in area).

Which brought us back to Labor Only contracts and then purchasing materials ourselves.In the Minnesota area we are experiencing a labor shortage in the trades. 

And if for some reason the assets class for your passive investment has to be real estate there is no shortage of options you will find that you can feel comfortable with.

Single family homes are being bought quickly by first time home buyers and often sold over market value because there is a shortage of supply.

@Kenneth FohtThere's no shortage of wholesalers, however, most of them are offering properties which would be only marginally profitable so you really need know your numbers...acquisition, hold, repair, sale, and other costs.

Keep in mind, the jobs are starting to jump the boarder too because Illinois is so jacked up. 1) We've seen huge appreciation in all NWI markets the past 2 years2) There is a shortage of good priced rentals.