Mark Alfieri, COO-multifamily with Dallas-based Behringer Harvard, said even though job creation is expected to be tepid this year, the current bogging down in asking rents should not last much longer. "We believe we are heading into a historic period of rent growth," he said.

Government-sponsored enterprises should remain primary sources of financing for apartment investors this year, according to Hessam Nadji, managing director of research services with Marcus & Millichap in Walnut Creek, CA. He noted that Fannie Mae and Freddie Mac, along with some banks, could be the only debt available inside the US."This year, more foreign investors, REITs and institutions will join private investors, who dominated acquisitions last year," Nadji stated in Marcus & Millichap's 2010 apartment research report, released at the NMHC conference. He added that near-term weakness in the sector will be overshadowed by more reasonable cap rates and prospects for above-trend rent growth in coming years.

Prominent US apartment investors identified their favorite markets for the coming year as Boston, Denver and Washington, DC. However, they express concern about Atlanta, Phoenix and most major markets in Florida.

In another panel discussion about the differences between the current recession and the one nearly 20 years ago, speakers pointed out such differences as prevention of oversupply being limited by a lack of capital. Greater availability of market data and other information also has a better impact now.

"You could build based on pro forma in those days," said Gary Kachadurian, chairman of Chicago-based Apartment Realty Advisors. "There are no secrets anymore."