Less than 625,000 single family homes had building permits drawn last month the remaining where multi-family (Apartments, Condo?, and GOVERNMENT HOUSING).
Renters do not spur economic activity at near the rate as buyers. They do not generally buy a great deal of household items that one would call durable goods. High end washers, dryers, refrigerators, etc... Rental units carry the least quality items available to meat the demand of a renter, who by definition is less stable economically.
I rented the last ten years I lived in Seattle. The savings was HUGE. The low rates and predatory lending were draining the apartments.
I heard a story from a real estate friend that one guy was turned down to rent in an apartment complex because his credit score was so bad. He bought a house instead. :-D
And home prices don’t impact the CPI. Rental does. So if rents catch up with home values, as they normally do, all these people going from ownership back to renting will impact the CPI.