Camden President Keith Oden said new supply remains very limited. Moreover, the overall inventory of multifamily housing continues to shrink due to the demolition of roughly 150,000 apartments per year.

Across all of 15 of Camden’s markets, the REIT expects a total of 22,000 multifamily completions in 2011 and 38,000 in 2012, Oden noted. “That’s more like the number of apartments we would have seen built in an individual market like Houston, Dallas or Atlanta during a typical year,” he pointed out

In 2012, the number of completions in Camden’s markets increases to 38,000 units. “Again, relative to sort of a normal period of time across these growth markets, that’s still an astonishingly low number,” Oden said. “When I see and think about 2012, if we were to add 38,000 apartments across our 15 markets, that’s almost not enough to in most of those markets to even move the needle with regard to supply.”

Campo noted that Camden is seeing renter demand for “green” communities. “Our residents are definitely asking about those issues and it is a differentiating point that we are focusing on, on all of our new construction and actually even in our existing projects,” he said.

“I think we’re very well positioned for this cycle,” Campo said. “We are working through our land bank that we had from the last cycle, and we are in fact working on new transactions with new land transactions to fill the pipeline for ‘13 and ‘14.”

Campo added: “I will say that we will not have the same size of a development pipeline that we did at the last peak. So we will stay in this $400 to $600 million range annually as we roll new ones, finish up and we lease up. We’ll roll new ones in, but I feel really good about where our development teams are.”

Upon completion of eight properties under development, Camden’s portfolio will increase to 69,421 apartment homes in 204 properties.