David Neithercut is a top executive at one of the country’s largest apartment owners. In a recent industry speech, he celebrated the country’s economic trends and predicted happily: "We see no reason why we won’t be able to continue to raise rents for some time."
He may be right about that, but I think he’s wrong about another trend: "Where are they going to want to live, work and play? I don’t think it’s Kansas City, St. Louis, Milwaukee. We think it’s the coasts (and in) Atlanta, Dallas ... Phoenix," Neithercut said.
Actually, Mr. Neithercut, coastal cities like Boston, Providence, Philadelphia, Norfolk, Savannah, Oakland, San Francisco, San Diego, Fullerton, and Costa Mesa all lost population last year. Affordable St. Louis (and Kansas City) gained population.
Neithercut’s company, by the way, owns an apartment complex in Chesterfield.