If you’re trying to understand the outlook for rental housing you’ll want to spend some time with the wealth of data and analysis provided in America’s Rental Housing (pdf), a report from Harvard’s Joint Center for Housing Studies.
A brief summary from the report:
By virtually all rental market indicators, the recovery from the Great Recession has been strong. The most telling sign is the occasional alarms raised by some analysts that new rental construction may be overshooting the mark. But with vacancies still falling, rents rising, and the number of renter households increasing rapidly, there seems little reason for immediate concern. Given the lengthy lags in multifamily completions, though, overbuilding could occur in select markets.