This graph does two great things.
1st, it shows supply does in fact matter.
2nd, it reflects how rent growth compounds over time and therefore why simply ~slowing~ rent growth reduces rent in real terms.
Supply side denialists re: housing are flat earthers, example No. 83.
Andrew Jeffery (@credealjunkie)
Everyone likes to compare San Francisco and Austin.
Here's the rent spread between the two cities since 2017 (San Francisco premium over Austin):
Jan 2020: $1,801 (139%) - pre-COVID
Jan 2021: $1,016 (81%) - narrowest ever
Jul 2026: $2,392 (181%) - widest ever
— https://nitter.net/credealjunkie/status/2084744889758044161#m