Here's a cautionary piece from Inman on the current state of the apartment rental market.

The quarterly survey of apartment conditions by the National Multifamily Housing Council (NMHC) is flashing a warning — at least amber, and maybe shifting orange toward red.

And not just for housing, but the economy itself: The survey pattern looks just like the beginning of the last two recessions.

Why would apartment conditions say so much for housing, and possibly the economy? Think food chain, from plankton to krill to whales.

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