The long gestation period of real estate makes it quite difficult to predict accurately how many folks will be ready to move in once construction is done.I hear you though that it's could be a good indicator and more importantly, glad that you're still bullish on the market!

There are many articles predicting significant out-bound migration from California.

And with the planned decrease in federal regulatory and tax burden on businesses, most forecasters are predicting continued, steady growth.

This doesn't mean there is no appetite for HMO's and multi lets but it should be considered as students are predictable (10 month rental and repairs every year etc).Mark I'm in west London and happy to have a coffee and a natter about your plans if it would be helpful.

I predict a bright future for you my friend.

Real estate isn't a tame animal but it is very predictable within ranges.  

Or trying to predict if you will still be able to address lead-based paint with encapsulation 10 years from now or if they will decide that full remediation has to be done.  

Property: Fourplex in Southern California, Inland Empire area; each unit is a 2 bed/1bath, shared laundry, in a B class neighborhood; current rents are 1050-1200; market rent could be closer to 1300/1400.Background: I used the information and numbers given on Redfin, to make these estimates; plus, I predict a sale price of $700,000 instead of the asking, $899,900.  

What makes that challenging though is I predict my cash flow will double each year at least.

I bought one property, 4-plex, which is about 1.4%, cash flow prediction around $600 per month.