Well the apartment industry is finally catching up to the expansion of rental households. Many thousands of properties are coming online in major cities, and that should take the edge off of the continuous rise in rental costs. Units coming online offer very fine finishes and amenities plus workout rooms and plush social commons. Although the slow down in the demand/supply ratio will help, pressure from normally first-time home buyers opting to rent, and boomers trading (disappointing) home ownership for the freedom of renting mean that prices will slow but not stabilize.
The multi-family housing industry is also tackling the eruption of demand in oil fracking - usually remote - towns, especially in North Dakota. Development has accelerated as the activity (boom!) drives more and more workers to small towns in northwest North Dakota and eastern Montana, plus the Ohio/PA border area.
New York just defies all the odds as average rental costs approach $4000 per month. And that's for a smallish unit with ordinary amenities. It's still expensive just to get the apartment with broker fees at about 15% of the annual rental expenditure. Still, it is New York and one of the world's great mega-cities!
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