Renovations vs. Construction is an interesting indicator of filtering. If buyers can't find a new home they want, they reno an old one, reducing the supply of depreciated homes, not the supply of new ones. Makes sense that building more drops the lowest rents the fastest.
"For the first time ever, more people are employed by remodeling companies than by single-family and multifamily developers combined." (h/t @josephpolitano.bsky.social) www.theargumentmag.com/p/americas-e...