Rent power spirals in many markets, even as vacancy rates grow.

Landlord rent power would keep increasing as more households formed, flooding demand into a market with limited multifamily rental capacity on and on into the Millennials-fueled future, right?

Well now, hang on there. CNBC real estate correspondent Diana Olick has this report that the share of apartments available for rent rose for the second straight quarter at the end of last year, the first time that has happened since 2009, according to real estate data firm Reis. Here's her take in a nutshell:

"This truly represents a turning point in the apartment market. With construction outpacing demand, the national vacancy rate should slowly drift higher over the coming years," said Ryan Severino, senior economist and director of research at Reis.

Goose, keep laying those golden eggs. Or else.

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