"In two words: interest rates. … If you remember back a few years ago when interest rates were going down, in fact got to a 25-year low, that’s when a lot of people who were renting said, 'Hey I can buy a house.'

"And so people en masse moved out of rental situations and moved into homeowning because they could afford to do so.

"And so that’s when we heard a lot of stories a lot of apartments up for rent, a lot of vacancies, et cetera. The rental market was really bad.

"Now, in the last year, year and a half, what have we seen? Well, we’ve seen interest rates go the other way. We now see, for example, home mortgage rates that are approaching 7 percent. So this makes homeowning, especially for first-time homeowners, ... more expensive. And it makes renting look relatively better.

"And so we are having now a revival … of the rental market. So it really goes in ebbs and flows based on the interest-rate cycle."