Multifamily construction is now higher than it was during the peak in the previous housing cycle, reached in 2006. But back then, far more of these units were being built as condominiums, not as rentals.
Policy makers see young people reluctant to buy homes, and they respond in the usual way, by proposing government-subsidized lenient mortgage credit. Meanwhile, entrepreneurs respond by building more apartments.
Entrepreneurs respond to what people want. Government supplies with they want people to want.
It’s a time when many people have to rent. That doesn’t necessarily make it great or good to do so. The growth of new rentals in large cities like Chicago isn’t meeting the demand, or else there is some other collusion taking place as rents are rising near and above the ability of the average person (worker) to pay.
I would rephrase the post to say: It’s a great time to be a landlord.