As housing affordability declines, the percentage of renters is expected to increase. Rental rates are projected to rise 5% during 2016. The property investors that I know feel that property taxes are chewing them up and spitting them out. So the tax coffers are taking in the majority of rental increases.
Here is a great article on how the rising rents impacts our economy:
Click HERE to read the one of my favorite reports in 2016 from the Austin Business Journal.