Well he is the most successful investor of all time so perhaps we should listen.
Whats interesting is he is talking about the US market where there is far more supply.
Here is the UK we have a massive shortage of rental property and so the opportunity is far greater I believe.
We have been doing exactly what he talks about in the video since 1998 and continued to buy through the financial crisis.
Property will always be an asset of value since most people believe they need a roof over their heads. If the yields are right when the property is purchased then values play a secondary role. See other Buffet you tube videos where he describes a farm he bought and does not care about the value on any given year as he is receiving income each year that gives a good return on investment.