This all means that there will be more renters and more demand on rental properties. Higher rents due to lower vacancy from the new demand. This is a good opportunity for land lords.
The second part of your question is area. The more centrally located, stronger school district rentals are definitely out performing perimeter environments. People tend to rent convenience especially when our market rents are substanially low versus our prices. In other words there are many 400+k homes out there that rent for less than $1800 a month. Renters can live in a much nicer home for the monthly payments than a buyer by a long shot. Top job centers (Central Phoenix, Biltmore Corridor, Tempe and Scottsdale Airpark) also have much lower vacancy rates.