Funny, this article (archive) about the rent prices dropping seems to have another take on the reason.

The historic surge in multifamily construction over the past few years is now pulling back, but a good supply of new units is still coming online at a time of much weaker demand.

So there is a glut of new rentals available due to historic levels of construction and…

“That 18- to 34-year-old group … I think it’s up to 32.5% of those now are living with family, and that’s the highest it’s been in a while,” said Grant Montgomery, CoStar’s national director of multifamily analytics. “I think it reflects high rental costs that have risen over the years, as well as the tougher job market for young folks just coming out of college.”

“That is where a lot of demand traditionally comes from, the core renter demand is from that sort of younger base,” he said.

Younger workers can’t afford to move out of their parents home because they can’t find a job they pays enough to do so, or any job at all in many cases.

Yeah, that makes more sense than Trump’s criminal efforts to kick anyone brown or black out of the country.