Device-to-device (D2D) communication is being heralded as an important part of the solution to the capacity problem in future networks, and is expected to be natively supported in 5G. Given the high network complexity and required signalling overhead associated with achieving synchronization in D2D networks, it is necessary to study asynchronous D2D communications. In this paper, we consider a scenario whereby asynchronous D2D communication underlays an OFDMA macrocell in the uplink. Motivated by the superior performance of new waveforms with increased spectral localization in the presence of frequency and time misalignments, we compare the systemlevel performance of a set-up for when D2D pairs use either OFDM or FBMC/OQAM. We first demonstrate that inter-D2D interference, resulting from misaligned communications, plays a significant role in clustered D2D topologies. We then demonstrate that the resource allocation procedure can be simplified when D2D pairs use FBMC/OQAM, since the high spectral localization of FBMC/OQAM results in negligible inter-D2D interference. Specifically, we identify that FBMC/OQAM is best suited to scenarios consisting of small, densely populated D2D clusters located near the encompassing cell's edge.