And the reason why your "tale of two halves" will play out as you described.Demand:  This has actually been high almost all along, but rent growth hasn't materialized in response due to high levels of new supply. 

@Steve Crisp There are a lot of variables that go into play as to whether you could benefit from a cost segregation study or not.

So things like, xbox/playstation ping pong for the kids maybe a turf strip to play some putt-putt for the adults etc...

I completely understand your point about pricing adjustments driving faster leases, but my experience has shown that other factors play a significant role in a rental's performance over time.For example, I own three rentals with very different dynamics:1. 

As it is when money is at play.

That is the difference.The convertible equity play is just garbage.  

HELOCs are much tricker than a closed end second - they don't typically allow you to close in an LLC and they are full doc qualification, meaning your FICO, employment history, income, DTI etc all come into play.

we invest in value add plays (no major rehabs) 10-40 units.

How about realizing that when you use the current property taxes of a property you are buying to calculate your per door profit that the following year your taxes will reset to what YOU paid for the property and will likely significantly increase your tax expense - which can take you from a positive cash flow to a negative cash flow on a low cash flow property… now you are paying your tenants to live in the property every month out of your W2 income  hoping for an appreciation play until rents hopefully increase.I could go on and on.  

Since COVID, the demand for cash actually increased, so this is a recession resistant play.