Patrick McEwen @pmcewen.com · May 9 Rents not increasing similarly seems to indicate it's not really driven by any fundamentals. Last time housing prices increased like this in 2005-07, people thought a lot of incorrect things about housing price increases, so the false optimism is gone instead replaced with a connection to recession
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To the extent there is a data driven reason for the vibecession, this is my personal theory. The timing seems to line up very well with late 2021 / early 2022. Requires lots of hand wavy arguments, but as that person above proves, home owners are not happy about the price of their house going up
Rents have increased similarly. Just do the math on your own chart. The first date on the chart a mortgage is 36% above rent. The last date on the chart a mortgage is 34% above rent. Mortgages relative to rent are fractionally cheaper now.