The latest real estate cocktail conversation in Phoenix seems to be around multi-family construction. “I like that project, I don’t like the construction of that one”, “how can they get that built with no set back”, and of course “wow they are really building a lot of apartments here”. Is apartment construction the next bubble? Do we simply need more apartments do to the lack of availability of single family residential? Can the owners obtain the lease rates they will need to make the projects work in the long term?