The markets basically are in equilibrium," analyst David Harris tells GlobeSt.com. "Despite a blip up in July, we still believe the multifamily sector is in balance with regard to demand and supply."

July housing starts for multifamily buildings of five or more units jumped 14.4% over June, from 291,000 to 333,000 units. Building permits for the same period rose from 284,000 to 293,000 units. According to Harris, while the numbers may sound significant, they still fall within analysts' comfort levels.

"We think that demand in the marketplace is running between 310,000 and 340,000 [housing starts per month]" Harris says. "If we see starts running below that number we're not worried about excess supply and we should expect that rents would remain on a positive trend."