TLP21: Rural Development and RE Investing with Byron Carlock
During the pandemic, we saw a lot of companies, even big ones, change how they operate and do business. Thanks to technology, people could work from home or wherever they wanted. And this has caused a lot of movement as people decided to relocate away from the city and into the suburbs or more remote locations where housing or quality of life is more affordable.
This trend calls for rural development or renewal. Rural renewal is taking new or underused infrastructure in some of the smaller towns that allow access to urban city centers when needed but offer affordable housing and livable communities to those who are tired of paying the freight to live in a major city. How does this affect real estate investment? Listen to this exciting episode with Bryan Carlock!
Key Points from This Episode:
- Two years into the pandemic, we see people are choosing to live in more remote locations that are more affordable compared to their urban alternatives.
- People are choosing not to go back to urban areas, so there has been tremendous growth in second, third, fourth, and even fifth-tier metropolitan statistical areas.
- There’s a quest for affordable quality of life.
- We’re seeing an opportunity for people to actually move back “home” and still work for the big companies.
- The flexibility to work anywhere allows people to decide where they live and broadens the horizons of real estate investment.
- We need to build more communities closer to our urban areas because that’s where the growth has been and looks to continue.
- Hundreds of thousands of small communities and villages around the country have underutilized infrastructure.
- We are in a new cycle of developing and redeveloping little communities around the urban areas.
- Employers are more tolerant of employee requests since we are also dealing with this great resignation.
- The technology platforms available to us today are making remote work possible and more and more accepted.
- Even so, we’re seeing record real estate transactions in some of the large markets we thought everybody was vacating from.
- New-home production is needed, especially in sustainable and resilient communities.
- A group of developers in DC called “Up for Growth” educates local municipalities on the importance of reevaluating their zoning laws and restrictions.
- The ESG phenomenon is going to impact housing affordability.
Tweetables:
“What we’re seeing right now is a very odd circumstance of rural renewal as people that have lived in and around urban areas are choosing to live in more remote locations that are more affordable compared to their urban alternatives.” [00:02:16]
“The head of Fannie Mae was recently quoted saying we have a tremendous housing shortage in and around our major urban areas, we do not have a housing shortage nationally, when you consider the number of houses that are available, they just happen to be in the wrong places. [00:07:12]
Links Mentioned
About Byron Carlock
In May 2012, I had the privilege of joining PwC as a National Partner and Real Estate Practice Leader across our various lines of service. I bring years of knowledge of and exposure to the various aspects of the real estate life cycle including the capital markets, acquisitions, M&A, development, dispositions, and capital structuring. I have experience developing a strategic vision and have a strong commitment to a partnership culture. My immediate focus will be on elevating PwC’s real estate strategy and marketing PwC’s expertise and capabilities across our tax, assurance, and advisory lines of service.
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