This is not surprising. Even before the pandemic, I must have looked at and missed out on 15+ apartments (I have a small dog, which makes it even more challenging). There was even one apartment that had been on fire (the house next door burned down) and there were still multiple people at the open house and the rent was over $2000!

I didn't have to go over asking but I did throw down a deposit on the spot to secure the place I'm in now.

In other words, housing prices are below market rate.

If we expect housing to be treated as anything other than a commodity, the fix must come at the federal policy level. As is, (multiple) homeownership is the average person's only real path to building wealth.