Depends on the market, the local economy, the type of property that you're considering (i.e.

But on the other hand, if the schools are terrible, and they are, where is the qualified workforce that will continue to grow our economy supposed to come from?

That's never happened, ever.If the economy goes down so does value. 

For comparison, apartments were down -6.7%, retail down -12.3% and for a baseline the S&P 500 was down over 22%.When the economy is good, and disposable income is on the rise, people buy more “stuff” and need a place to store it.

Knowing that you and your guest are waiting to sit in your First Class upgrades after you only purchased economy seats is even better.

The stock market plays a role, in that it is people's perception of the health of the economy and some people will use stock market profits to fund a real estate purchase.

If and when the economy corrects many smaller tenants will likely go bust (I'm not in this space but it feels like sound rationale).In a correction people will cut back across the board but the last thing to go is food and shelter so I see MF as a much safer investment. 

When he left, I remember hearing and reading about how much the local economy suffered in Cleveland.

They have an advantage because they have the labor pool and the systems & connections to achieve economy of scale and efficiency so they can make a profit. 

[I dislike your sell-then-rent idea, for the reasons per your last paragraph].You might ask: what if the economy tanks, later?