I have noticed over the last 3 months that the two markets I invest in have extremely low vacancies lately. I started investing 3 years ago and at that time vacancies were much higher than they are now and there were multiple rental property listings across multiple property managers. I looked recently and most of the major PM’s in the area have less than 5 rental property listings. What does that mean for the market long term? Does that bode well for property appreciation? Does that mean the local economy is improving?

Really interested in what y’all are seeing and also for those who have been in the game for a while what this means for a market?