Daniel Indiviglio admits he was wrong about rental prices:

The number of renters has not increased that substantially, because people are moving in with family or gaining roommates. That stunted the increase in number of renters, causing the increase in rental demand to be less than I anticipated. The rental supply has increased due to empty condos and houses becoming rentals. That increase in supply neutralizes the effect on price by an increase in demand. Together, those two effects have actually managed to actually bring down rental prices.

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