Last week, I was in Toronto for a couple of days and marveled athow many cranes are delivering condominium product to the market.The construction is even trumping the high level of activity inManhattan, where mega-story product with full floor units are beinggobbled-up, fetching $20 million at the low end of the premiumcategory.

However, the story does not stop in New York City or Toronto,not with condominium construction. There is a multifamilyrental product boom occurring in every urban center in the UnitedStates.

Last week, Axiometrics, the firm that keeps track of apartmentdevelopment activity, reported that 74 rental towers are on pace tobe delivered in 2014, with an additional 81 slated for 2015. Demand is being driven sky high by young professionals and emptynesters fueling the urban renaissance, a trend that will likelycontinue unabated.