It's hard to tell, but it seems possible.So while there are certainly risks in the multifamily sector, my opinion, for what it's worth, is that that there isn't a major storm brewing on the horizon. 

Why Phoenix: Jobs and the economy, we are growing at a rapid rate with great diversity in employment sectors.

There is a lot of fear of new construction in the multifamily sector.

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The state will add 70,000 new jobs next year, down from 78,800 in 2018, he said.Our economy is diversifying and no longer relies strongly on any one industry, like it did on construction and real estate earlier this century, he said.While construction is still the fastest-growing sector in the greater Phoenix area, other sectors like education, transport and warehouses, professional and technical, and manufacturing all showed strong growth."

In many other investment sectors, this metric is called Operating Yield which is a true performance metric.

Mechanical engineer in the defense sector.

Nobody in my family had lost their jobs or much money as none of us worked anywhere near that sector and none of us had any investments to speak of. 

Layoffs in other sectors are starting (airlines is an example).There is uncertainty in the economy, and hence real estate.  

There will be a bigger correction in the single family and multi family RE sectors than you are forcasting.