Impact of Aging Millennials and New Construction on MF Values

[Bill F.]

I just came across this article from Calculated Risk (the article is about a year old so here is the latest data.) which suggests that MF demand will start to shrink due to increased supply from new building and decreased demand from those aged 25-39, who will make up the top three age brackets in 2020, who will enter their prime home buying years. 

Considering the cap rate compression and the amount of new starts in all the major cities what do people think will happen to values in the next 5-10 years? 

Laws of supply and demand suggest that value should go down, but I don't spend that much time studying MFH so I'm curious to hear everyone's thoughts, particularly those syndicatiors or anyone else who deals in the 100+ units across the country.