According to this source there is a looming crisis in the residential rental market. http://soberlook.com/2014/06/rental-housing-shortage-is-americas.html
I'm skeptical of this, but the facts on the ground in eastern Massachusetts are consistent with this thesis. I don't think that we've worked through the overhang of the housing bubble overbuild and we haven't begun to tap into the housing resources of distressed cities. So, in some respects we have a housing shortage because vacant housing is in the wrong place at the wrong time. Would it be easier to build more houses where there are jobs, or move jobs to where there is plentiful housing stock. I hew towards the former.