We live in a 'luxury househack' and have for 13 years. 

So for the single person, couple, or roommates a 2-bedroom is a luxury versus a 2-bedroom apartment that may have amenities, but has no yard or garage and doesn't feel like a test-run on buying a home.

It's also helpful to remind myself that luxury is not the end-goal (at least for me) but pursuing meaningful projects. 

The bad news is that luxury houses saw major rent compression and areas without employment diversity and population growth weren't so lucky -- some of those areas are still fighting their way back to pre-2008 levels.-  While buy-and-hold investors were able to weather 2008 in terms of market rents and occupancy, other types of investors got hit by the drop in real estate prices. 

And when it comes to home owners I think the vibe is to do everything we can to keep them in their homes ( state and federal level response). then the fact that so many bought at lower price points 5 to 10 years ago with great rates their mortgages are LESS than rent .. why would they bail  without making max effort to save their houses.I can see luxury though having some issues if financing gets super tight. 

Ohio's ad is a perfect expression of this phenomenon. (2) When an organization has the luxury of testing an entire population, they are finding that as many as 36% of the people that test positive for COVID-19 are completely asymptomatic (https://www.wbur.org/commonhea...)!

Luxury apartment owners and large SFR landlords WILL definitely drop rents significantly, and more probably, lose units to foreclosure.

We will successfully fund and build our 2 Denver luxury high rises.6.

Expensive markets I could see doing a cost/benefit analysis and would consider luxury house hacking like I do.

There is not much new construction of apartment buildings going on around here (the only new construction are in the luxury apartment space - rents of $1500-$2000+/mo) but given the Millennials preference for renting and renting apartments, the constricted supply and increasing demand results in increasing rents.