Enloe: This is a question we get asked by multifamily owners, investors and lenders daily. Some markets have a significant number of units under construction. I believe the momentum can definitely continue, however, it's going to be dependent on continued economic and job growth to fuel that demand. We've seen exceptional job growth in recent years, and with millennials coming of age, there is a large demographic in the prime 22-34-year-old renting range. I think overall, momentum will remain positive. The one x-factor would be an event where a large corporation injects a new operation, whether with a new headquarters or an expanded footprint. That could potentially bring outsized impact on the multifamily sector for particular markets. In selected markets, you may see some near term softness in rents, and potentially concessions. However, long term fundamentals remain strong.

GlobeSt.com: Speaking of construction, many of these new deliveries are luxury product. What are you seeing in new deliveries that is helping them stand out and differentiate themselves in a crowded field?

Enloe: A big mechanism developers are using to drive value – aside from location, which is always paramount – is through some new and really exciting amenities. In fact, we're seeing amenity packages in apartments that rival those in condominium buildings. More and more developers are catering to tenants who have pets, so we see a lot of dog runs, especially indoors, and dog wash stations. Another amenity we are seeing in high-end luxury product is a car service where tenants can reserve a car for a day – usually it's a high-end vehicle. This isn't ZipCar, this is Audi's and BMW's that are available for tenant use. A lot of developers are recognizing that their tenant base is often times dependent on a walkable location or public transit, so this sort of amenity can really differentiate a building. Building concierges are becoming more common in luxury product, along with community building efforts like wine, yoga and cooking events hosted by the building. We haven't seen this in apartments yet, but some condos are even offering reduced pricing on private jet memberships. The only question is, when will that start to hit apartments?

GlobeSt.com: We continue to see investors look more at suburban product. Why is this the case and what is driving the value of those assets?

Enloe: One thing to be clear about is that there is still a lot of demand for suburban product. Something we are constantly discussing with clients is that many millennials are likely to follow in their parents' footsteps and head out to the suburbs looking for value, space and other community perks, especially when they begin to have a family. They might be doing it later in life – we're talking about older millennials here — but there is a trend beginning to show in that direction. From an investment perspective, pricing is high in urban centers right now, and the suburbs offer a relative discount and the potential for higher yields. That said, there are characteristics that tenants are looking for in the suburbs where they still want a level of urbanism. For instance, some of the most successful suburban project are mixed-use with combinations of office, retail and multifamily, and bring an element of the “urban-suburban” walkability that has become coveted. Many investors still prefer urban product because they can place more capital there and demand is so high, but don't count the suburbs out.

GlobeSt.com: Are there any product types aside from luxury that are gaining value as we dive deeper into the cycle?

Enloe: Investors are getting savvy as the cycle progresses and yields become a little thinner on core product. We're still seeing interest in garden-style assets in the suburbs, where renters can find some value and still remain close to employment hubs. We're also seeing investors drive a lot of value by rehabbing vintage product. Value-add strategies are being implemented in all markets. These modernized properties can drive nice returns, especially when they are located near a regional mall or retail hubs, and also preferably in close proximity to public transportation. Those “urban-suburban” settings are drawing people who want some elements of urbanism, without the cost or space constraints.