Correct and the rental market is merely just a form of market speculation. No one buys a house to have 25 years of drudgery with tenants. They buy a rental to have someone with a less sizeable income pay the mortgage for them.  To think after you pay for upkeep, mortgage, property tax, & etc. If the renters market is correct, then amount of financial gain month over month from rent after cost deduction is peanuts when compared to property appreciation. The more people who buy properties for rent remove properties for purchase assisting in property appreciation.