“In real estate economics, the first sign of a RE recovery is an increase in rents, then followed by an increase in the building/new construction of rental units.”
Real estate is very local. In my county, there are many high density apartment projects under construction, right now.
They are often built as individual condos but kept as rentals, awaiting the time later when the owner can benefit from selling them off separately.
Historically in the area, 2 stories was typical. Now the new projects are four stories.
The project provides for parking on site, but there are no new streets, roads, highways. So traffic will eventually be worse.
Some of these apartment projects are going up, on previous retail sites. Retail was overbuilt, so it solves that.
(I’m describing projects in Orange County, California.)
That said, Obama would love to kill said oncoming recovery because he hates America and American business.