Noodling about housing

I'm in the States. From what I pick up from afar is that rentals are becoming more expensive, so obviously demand is up. The view from here is that there's a real estate boom and a surge of realtors stepping in to marry up gringos with gringo prices.

What led me to post is when I started thinking of the social ecology of rentals, some of which are temporary homes until buying, others that serve a growing class of permanent resident renters, [who usually don't stay in one place at first], and some other temporary occupants leave within a couple of years.

So then, I realized that if there is a substantial pool of rentals in Cuenca, from which every month scores of people are probably rotating in or out of the pool, even during times of high prices [a product more of situational opportunity than actual demand?], then availability is fairly stable, if I am correct in this conclusion. Am I?