Metro Atlanta apartment operations have made substantial strides since the downturn and show no signs of slowing. Employment growth in the region exceeded the national average for four years and is expected to surpass pre-recession levels this year. Broad-based job creation is attracting more people to Atlanta, fueling demand for housing. Over the past year, net migration surged 42 percent as 32,800 individuals moved to the region. Motivated, multifamily developers ramped up construction in 2013, following three years of subdued activity. Despite a substantial increase in supply, pent-up demand resulted in vacancy tumbling to 6 percent in the third quarter of this year, the lowest rate since 2007. This year, new supply will fall slightly below last year’s level and is concentrated in highly desirable areas of Buckhead, Midtown and downtown Atlanta. A bulk of the total will come online in the fourth quarter, though elevated tenant demand will sustain tight vacancy. Both newly built apartments and strong demand for rentals will put upward pressure on average rents, marking a fifth year of growth.

My, what short memories investors have.

As the Dow Jones Industrial Average races toward 17,000, on its way, no doubt, to 36,000, it seems that everyone and their broker has either forgotten, or never knew, about one of the simplest and most devastating pieces of stock-market analysis ever written. It was written just 12 years ago, by Rob Arnott, then at First Quadrant and now at Research Affiliates, and the late, great investment legend Peter Bernstein.

The apartment sector today is in a good place—a very good place—and the future looks just as good, according to a survey conducted by National Real Estate Investor.

“We’re not in a boom market,” says Nick Ryan, CEO of The Marquette Companies, a Naperville, Ill.–based real estate firm with a portfolio of 11,000 apartment units. “We’re in a strong, healthy market that’s going to last for a long period of time.”

The survey, which solicited opinions from 1,001 completed surveys, including 947 respondents involved in the multifamily sector from across the nation, uncovered high levels of optimism. From occupancy and rental rate growth to development levels and financing availability, respondents report favorable conditions for the apartment sector.

The hotel and lodging sector is benefitting from a combination of low supply, healthy demand, and strong corporate balance sheets, according to panelists at aREITWorld 2013 forum.

Renter household formation has outpaced owner household growth during the past few years, spurring a huge increase in multifamily property sales and new construction.

Despite the boom in multifamily sales and development, Freddie Mac’s latest Economic and Housing Market Outlook found that residential property values “remain consistent with fundamental economic forces in the housing market,” and that the rate of appreciation for multifamily property values moderated over the past year.