Affordability will be the biggest problem in the housing market.

Millennials and blue-collar workers comprise much of the renter demographic.

"Our focus is on revitalizing locations while focusing on walkability and sustainability in each project we develop," said MV Group USA Manny Angelo Varas.

"A small contractor like this relies on the contract to know that he'll receive money for the next year and a half on a big project that would take millions of dollars," said Brown of Morgan & Morgan in West Palm Beach.

"If 1,000 people are moving to Miami a day, no one can create 1,000 new units in multifamily per day. There is opportunity out there. You have to pick your spots," one panelist said.

"Institutional investors are coming out of the woodwork. Everyone is setting up some sort of vehicle to get access to this particular asset type," Americas Nuveen Real Estate's Shawn Lese said.

Developers and designers are rethinking designs at their properties and clubhouses to analyze which amenities will best serve which renters.

"We're assembling our bathrooms, kitchens, HVAC closet, the washer and drying closet off-site," said one developer. "We're still having to pay more, plan, do better at what we do and trying to get ahead."