power breakfast series with dan doyle of the beach company

Dan Doyle (left), Senior Vice President of Development for The Beach Company

This morning, senior vice president of development, Dan Doyle, spoke on the panel for “Building the Region: Multifamily Metrics & What They Mean to You.” The 2017 Power Breakfast Series is presented by the Charleston Regional Business Journal and Charleston Southern University, which The Beach Company cosponsors.

Doyle was joined by Brent Case, president of Coldwell Banker Commercial Atlantic, Michael D. Holmes, president of Easlan Management, and Rusty Porter, vice president of Preconstruction Services, CF Evans Construction.

The panel discussed influences on the multifamily housing marketplace and what trends can offer business opportunities.

There has been steady demand from young adult and empty nester demographics fueled by a growing interest in the Charleston’s notable “livability factors,” such as the ability to walk to city’s abundant shopping, business, and entertainment districts.

Moderator Andy Owens asked the panel, “What areas will be the next hot spots for multifamily in the Charleston metro area?” Doyle identified Summerville as an ideal location over the next few years for more affordable living and proximity to new jobs near the Palmetto Commerce Parkway corridor.

The panel discussed data from a new study indicating that there is a crisis for affordable housing in the United States. Research shows that the nation must supply almost 4.6 million new apartments by 2030, according to research by Hoyt Advisory Services, commissioned by the National Multifamily Housing Council (NMHC) and National Apartment Association (NAA).

Doyle indicated that the demand in the Charleston metro region alone is 15,000 new residents annually. The challenge is to keep up with the pace and to work toward more affordable products support the expanding workforce. It is estimated that over 3000+ rental units are needed annually to meet the projected demand. Housing costs will remain high until the supply catches up to demand. Doyle said, “The question is, if we don’t plan for the growth, where will people live?”