Those in multifamily, who have watched new inventory levels spike, have seen surpluses follow that rebalanced supply and demand. The result — to the disappointment of developers and investors— is increases in vacancies and downward pressure on rent growth. The latter is in the low-to-mid-1% range, according to Moody's.

However, a new RealPage analysis suggests that some markets will likely see decreased inventories, restoring balance in those metro regions and possibly offering a better environment for multifamily professionals.

As GlobeSt.com has continued to report, expanded construction and unit deliveries have disrupted the multifamily industry. There's been a crying need since a major dip in housing deliveries during and after the Global Financial Crisis when the sector became radioactive for a time. Moody's has estimated the ongoing shortage at 1.9 million homes.