"It's a new landlord nation where everybody is renting out their basement.
When somebody moves up they don't sell their old place, they rent it out to
somebody else, and it's because they want to keep that 30-year mortgage for 30 years,
and it's because they can easily find somebody on Airbnb who will take the place," Kelman said.
The bigger point is that the rental pool is so large, that it's really easy to fill a vacancy even if it's just a single home rather than a large rental complex.
I am not informative on the housing market, neither do I work in related industries, so I could very well have the wrong impression here about this matter. But I haven't heard housing inventory reaching record low (like the current level) before, given CL/BP/local newspapers exist for a few decades by now.