"Many investors are counting on demand for apartments to remain relatively consistent even if the economy weakens due to demographic and social trends."

The panelists also talked about the fears of a recession, interest rates and where we are in the cycle.

Commercial and multifamily starts in the NY-NJ region totaled $30.9 billion in 2019. However, the New York metro region's rate of growth eased in 2019 to 5% from a 13% gain in 2018, according to the report.

Industry growth and low-unemployment is expected to fuel rent growth in all property types this year.