Interesting. Investors parking money in real estate because returns are so low everywhere else, and thereby 1) reducing the stock available for people to live in, which 2) makes everyone bid up the price of the stock available, which 3) makes it have been a really good investment.

But I quibble a bit with your source [2]. That shows the amount of vacant units up sharply since 2020, but still lower than any point from 2005 to 2019. That doesn't seem to support your point, because this price run-up has been more than just the last year.