The good news coming out of the apartment market, as well as the sector’s prospects for the next few years, have infused a great deal of optimism in those involved with multifamily. After all, things started picking up in 2010 and by the time 2011 rolled around, vacancies had hit their lowest point in two years, while rents ticked up in most markets. And this is in spite of a weak economy and anemic job growth.

Things are looking so well, it seems, that developers are even starting to plan new projects, if they haven’t started them already. Anecdotally, at the National Multi Housing Council’s Annual Meeting last month, nearly everyone that invests in or builds apartment product indicated that they’ve earmarked—collectively—billions of dollars in capital to go toward new projects over the next few years.

Well-known firms have also made headlines lately with aggressive multifamily development programs. REITs, for one, have been active, with AvalonBay Communities, Camden Property Trust and Equity Residential all have projects under way and in the planning process. Gables Residential recently teamed up with USAA Real Estate Co. on a $400-million joint venture to advance the REIT’s development pipeline.