Construction of new apartment units is climbing at a rapid clip. Nationwide prices for multifamily housing are rising back toward their pre-crisis peaks. Meanwhile, the market is getting a boost from low interest rates that no one considers sustainable over the long term.

To some, these factors suggest that a bubble is forming in the multifamily market and that, a few years from now, developers will be sitting on so many empty apartments that they will be unable to pay their bank loans.

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