Three-quarters of the nation’s 50 largest apartment markets saw demand outpace current supply, and five of those areas had excess demand exceeding 3,000 units. RealPage said nearly 589,000 units ...

Hanson, Samuel G., David O. Lucca, and Jonathan H. Wright. "Rate-Amplifying Demand and the Excess Sensitivity of Long-Term Rates." Quarterly Journal of Economics 136, no. 3 (August 2021): 1719–1781.