According to a recent report released by CNBC, housing starts recently hit their highest level since 2008 – thanks largely to the growth in rental units.

Although many housing investors are impressed by the immense growth of housing starts – they hit 894,000 in October – analysts caution them to keep in mind that it's multifamily that is the biggest driver of the housing starts, rather than single-family homes.

Although the single-family home market is tight and therefore benefiting from a demand to build more units, the fact that the October 2012 housing start rate is 35 percent higher than in 2011 is due more to that year's dismal numbers than to a boom this year.

Multifamily investors and property management officials, however, have a lot to look forward to, as the multifamily sector continues to grow. Property managers may see a slight drop in rental applications as so many new units are brought online, but the market will likely experience just a slight slowing before it returns to normal.