Here is a zillow research article on new household formation.

A picture is worth a thousand words, especially the one on the left. New household formation through renting was dominant from 2007. After 10 years, this trend seems to have finally ended, and the progression of new renting household is now collapsing.

One of my friend who is a Las Vegas landlord told me he is now selling all his houses: he used to buy houses around 80k-110k, for which a 20k rehab was necessary, and that was then rented for 1k-1.1k per month.

He is now considering to sell them circa 200k, whereas the most they can rent for is 1.2k.

Here is a Zillow research webinar