Dive summary:

• While the white-hot market for more apartment construction may be moving down to red hot, indications are that demand will continue to exceed supply, at least in the near term.
• The National Multi Housing Council and Freddie Mac both say fundamentals in the market remain strong.
• One indication of some slowing, but not a reversal, is that a Multi Housing Council index that measures how tight the apartment market is has pulled back from 76 to 56, which is still above the neutral mark of 50, but worth noting.

From the article:

Freddie Mac and National Multi Housing Council both say apartment growth is strong. Still, it is hard to ignore the slight cracks starting to emerge in the asset class' fundamentals. ...