Today, Penner added, “we don't have that situation.” That hole, he said, has now really been filled. The good news for everyone in this room, Penner added, is that “I believe the government and Feds are deeply committed to sustainability and I think they have the means to deliver on that promise.”

While the overall picture from panelists was mostly rosy for the product type, a few worries or risks for the multifamily sector were noted. According to panelist KC Sanjay, senior real estate economist of Axiometrics Inc., the slow pace of job growth will be an issue. He also noted that other risks can come from overbuilding “maybe next year” and any kind of shock in policies.

Kim Duty, SVP of Public Affairs at NMHC, says that “the biggest thing we think we are going to face in the coming years is affordability.” She added that “You can't build product to meet today's income.”

Overall though, the risks or challenges noted by panelists are noteworthy, but “they aren't getting worse,” said Penner.

When the panelists discussed demand and where iyt's coming from, Michael Cohen, director of advisory services at CoStar Portfolio Strategy, said that while the market seems to be very focused on Millennials, if you look at the Census data, one in two renter households is middle aged. “It is important to think about a deeper, more diverse rental pool.”

He added that “if you look at the supply that has been built in this cycle, a lot of it is highly amenitized urban product. To some degree, we are missing the mark on the demand story... Suburban office demand, for example, has been extremely high.”

Greg Willett, VP of MPF Research, agreed, noting that while the urban market isn't going off the cliff, and while that product was needed, “you have to be careful to not ignore the demographic changes that are happening.”

On the investment side, the climate is difficult because there is too much money chasing few opportunities, said Penner. In such an environment, construction is a higher risk spectrum, he said.

Cohen added that “As an investor, you really want to be looking for those adjacent urban cores with a value-add product.”

When chatting about foreign money, Penner noted, “The influx of foreign money into the US has been growing and the expectations especially from China are in large numbers and real estate is a targeted asset class . . . That all bolsters my sense that while yields are historically low, we are in pretty good shape.”

In one of GlobeSt.com preview stories in preparation for this event, Penner told GlobeSt.com that although the multifamily market is tight with limited opportunities, the market is “still relatively attractive given the inability of many to own a home.” He added that next year, the market will be “relatively unchanged from today.”

Be sure to check back with GlobeSt.com for more coverage from this two-day RealShare APARTMENTS premier multifamily event.