It's not a bubble. New housing construction fell by ~30% when the pandemic hit and still hasn't yet recovered to fill the deficit. At the same time, the US has been printing money like crazy and keeping interest rates at zero, which makes housing prices rise. This is why Blackrock and other PE funds have starting buying housing. They know that, in this market, it's a great bet to make. It unfortunately means your rent isn't going to come down or even stop going up anytime soon.