[KellyCriterion]

No, it is inelastic:

- inelastic means the demand is more or less independet of the price; you can't "just stop renting & living" if prices are going up, your options to bypass are highly limited -> therefore its called >inelastic<

[Sankozi]

You can "just stop renting" and move somewhere else.

Housing demand is less elastic than, let's say, potato demand, but it's not "absolutely inelastic" as you have said.

[AlexandrB]

Good transit and road infrastructure also both make demand more elastic because the choice of where you can live without changing jobs expands.

[KellyCriterion]

In MBA101-bobos world this is true in theroy, in practice its not. (let me guess: You do not have children, yet, right?)

Thats always the biggest difference:

In theory, there is no difference between practive and theory - but in practice, there is ;-)