The land has become valuable for larger developers, rent has skyrocketed, shortage of rental units, etc. 

There is a real housing shortage in Denver right now. 

It'll hinge on if developers can deal with rising material/labor shortages and increased prices, will buyers continue to pay for those increased prices via purchase price of a home 1-2 hours from a large MSA, and what happens in the gov't and fiscal policy scene.

I assume labor shortages and parts supply are driving factors. 

But there's never a shortage of tenants flowing in all the time!

There is a shortage of $250K homes that sell for $150K.

There are many opportunities in the area for fix and hold, but my son already owns a dozen rental income properties in the city and the last one took him ten months to rehabbed because of labor shortages and supply chain issues.

I don't know if you are really hurting for tenants, but there is no shortage in my area, and if I'm asking myself if I should really take them - I already know the answer!!!

The labor and materials shortage has also made the process much harder and profit margins are very slim.

In addition, there seems to be a major shortage in available rooms this summer so the area is totally booked for the remainder of the summer.