[arb-spreads]

Nicer apartments, more houses are offered as short term rentals. People's preferences adjust. Resulting demand curve for homeownership adjusts

Homeownership is a far smaller part of the 'American Dream' relative to a few decades ago.

[JoBrad]

I don’t think this is preference as much as lack of choice. Housing has gotten so expensive that people are delaying purchasing, and renting as an alternative.