"We're seeing a lot more movement towards a lot more new construction, and I think that falls in line with cutting off the pandemic. There is a need for nicer, newer places to live," said Dan Dratch, Director of Multifamily Investments at Franklin Street.

Here's the key: ask yourself what factors will drive every market participant's perception of risk

Near-term demand will remain well above historical norms, but absorption will likely ease from 2021 highs.

"I'm assuming that the pandemic is going to continue to wind down, and that with each new wave the disruptions to the economy will be less significant."