Not to forget that two of those years we had a global pandemic.

Phoenix had strong demographic and employment fundamentals coming into this pandemic.

I understand some think that this is about the time we'll start seeing any foreclosures (from the economic impacts of the pandemic) kick in - how should this factor in to my thinking?

"Market rates have increased and I have to maximize the performance of my investment" iis not an acceptable reason AT ALL in the time of coronavirus, I suspect in any class.

And that was just at one house.Plus, have you been reading all the stories on here and in the news from other landlords who don't have any reserves and literally have no idea what to do now that their tenants aren't paying and they can't even evict because of the Coronavirus? 

We have (1) a millenial population buying houses (34% of homes bought last year I believe were first time home buyers) and (2) a demand driven from low interest rates - if interest rates stayed where they were pre-pandemic we would not be having the "supply" crisis we are having today.

I'll revert back to email responses for everyone and tighten up my available hours significantly to provide blocks on select days.Yeah, I used to do open houses (pre-pandemic) like @Ron Brady. 

I would think that appropriate action the state should be taking if they are aware that there is a flu pandemic and their resources may not be enough is to get more resources.

However, larger Class A operations are often over-leveraged, with valuations based on pre-pandemic occupancy and cash flow.

I believe the rent/property price increases are due to the pandemic supply and/or demand, or lack thereof, not just Progress Residential or other institutional investors.