have mortgage levels below market rent: Detroit, Houston, Cleveland, Philadelphia.

Obviously it's painting with a broad brush as you kind of have to do in real estate investing, but as long as people hold their low-interest loans, rents won't have to reset. If people start replacing their 2% mortgages with 6% mortgages, and they will, it's going to apply medium to longterm pressure on rent. basically, those enjoying low rent right now are on borrowed time.

Oh, and good luck buying property in Detroit or Philadelphia. The investment climate of those places is pretty scary right now. I don't know much about Houston or Cleveland.

And of course, you can find deals anywhere, but now you have to look 10x harder or get really good at flipping. Even then, if market rate doesn't justify a long term loan on a flip...where's the upside? The market has a ways to go before it hits equilibrium again.