Famous robber Willie Sutton said he never provided the famous answer to the question of why he robbed banks: "That's where the money is." Some reporter apparently made it up. Still, a great line.

At its heart there is a pithy explanation of an economic truth: supply will often chase demand. But people in CRE don't need an official explanation of why developers will often work in the same hot areas. That's where businesses and people want buildings. And, in short, that's why drives Apartment List's observation that Sun Belt metros have lead the apartment construction boom so far this year.

The site had noted in a previous report a "rapid cooldown" in multifamily rentals with currently "currently more multifamily units under construction than at any point since 1970" and the potential that, with the new inventory, "property owners could be competing for renters to fill their units, a marked change from the prevailing conditions of the past two years, in which renters have been competing for a limited supply of available inventory."