Population growth is continuing at a record pace, so demand is increasing. Developers still can't get finance to build new houses, so supply is limited. For the last couple of years the only way these macro numbers can add up, is by increasing the number of people per household. The young move back with parents, people share houses or take in a boarder, or live on the streets, motels and caravan parks. Now that the economy is showing signs of improvement, is the number of people per household going to fall, and give a corresponding increase in rents ? Or.... Are yields as high as they are going to get in this cycle, and if there's no significant increase in property prices, unlikely to increase at more than inflation ?