When the next recession comes (they historically happen every 5-10 years and the last one was '08),  I'm not confident that the population growth will outweigh other negative macroeconomic factors...I strongly doubt we will see anything like the '07 crash, particularly because of the affordable housing shortage, labor shortage, lending reforms, and all the positive migration, but that doesn't mean we won't see a pullback. 

Rising Labor Cost, increased government spending, and prolonged housing shortages are the main pressure points.Inflation is picking up and looks to increase over the next 18 monthsa mortgage rate jump from 4 to 4.5% and 60 bucks a month to a mortgagerent increases have exceeded 3% annually over the last 4 yearslow unemployment, rising house cost up 3% over the last yeari believe this is why there is such a demand for rentals now.

Rising labor costs, increased government spending, and prolonged housing shortages are the main pressure pointsinflation is picking up and looking to increase over the next 18 monthsA half percent mortgage is increased equals about $60 per month more in a mortgageRent increases have exceeded 3% annually over the last 4 yearslow unemployment, rising house costs up 3% over the last yearI believe this is why there is such a demand for rentals now.

We already have a housing shortage in Milwaukee, in particular homes under $300k in good school districs.

There are no shortage of flippers in action here.

One more reason San Francisco has a shortage of rental housing.Free legal representation for tenant evictions.https://www.linkedin.com/pulse/our-take-new-sf-law...

The problem here was a couple fold.1) The city was looking a higher foreclosure rate on top of a higher rate of abandoned and dangerous properties. 2) My university was looking at a housing shortage starting in a few years. 

I purchased and re-positioned a 29 unit stable 1990 C+ class apartment community with affordable rents and I have been investing passively in value add affordable mobile home park communities.Of all the market forces discussed on BP, the affordable housing shortage is the one undeniable force and it likely will not be solved in my lifetime.

We've since moved out and there have been absolutely no complaints about bugs, and we're in Austin, TX where there is no shortage of critters with exoskeletons that can make themselves at home. 

the rentals were in a shortage, even though the locals were not renting the expensive one, there were still many people from out-of-state rented it.