Other factors can affect supply and demand in the rental market like an uncertain housing market. Job growth also affects renters. Salt Lake City has one of the fastest rates of new construction, but it isn't fast enough to keep up with job growth. A 3.1% uptick in jobs is the highest of any city measured, and the result has been a steady stream of new citizens moving to the city. More jobs, more people and higher wages have lifted prices in both the rental market and sales market there. Expected construction also adds a wrinkle to the present rental market. More inventory slows price growth.
The article points out that rental demand can be altered by more than price and quantity. Economic uncertainty and volatility in property values can also change consumer behavior.