Think your rent's too darn high? Just wait

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The vast majority of new supply has been in pricier areas, in particular major urban cores, which has not helped renters in the suburbs or in smaller cities who are in dire need of more affordable rental housing.

"New inventory coming to market is weighted to the high end; it's urban, Class A, with a rich set of amenities, targeting the coveted college-educated millennial," said Sam Chandan, president of Chandan Economics. "Overall, we still have an affordability crisis in the United States with rents rising faster than incomes for the fourth-consecutive year."

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While some studies have shown that it is now more affordable to buy a home than to rent, several factors keep rental demand high: a lack of homes for sale, especially on the lower end, a desire by younger Americans to remain mobile, a downsizing baby boom generation that may be owning-averse, and high rents themselves keeping potential buyers from being able to save for a down payment.