The National Association of Home Builders (NAHB) is reporting that while rents remain depressed, renters and buyers are creating some activity.

"Multifamily builders are beginning to see slight improvement in the current market for new rental and for-sale units, and anticipate even better times in the next six months," said David Crowe, NAHB's chief economist. "The components of the index measuring customer interest rose significantly; the index level of calls from prospective renters rose 14 points, to 50.9, and the index reflecting traffic in prospective condo buyers jumped 25 points."

Rental vacancy rates are down a small amount from last quarter, and are down nearly 2 percent from last year.

According to Crowe, "The stock of existing homes for rent and for sale is greater than the consumer demand right now, and is in direct competition with new supply. As that inventory is absorbed, and as new households form during the economic recovery, the demand for multifamily rentals will rise, and production will return to a more 'normal' level."