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Myrtle Beach Multifamily Rent Growth Among the Highest in the Nation

CoStar Market Insights: Increased Activity is Fueled by Population Growth That is More Than Four Times the National Average
August 20, 2018
The Latitude at the Commons, a 288-unit apartment complex in Myrtle Beach, South Carolina.

With more than 14 million visitors a year, Myrtle Beach, South Carolina, is regularly one of America’s most crowded beaches. But it’s not just tourism keeping the metropolitan area buoyant -- its retirees are causing multifamily rents to soar.

Not only are more retirees moving to the Atlantic Coast community, but those same retirees are choosing to rent at a higher rate. Though homeownership is still the primary means of housing in Myrtle Beach, renters aged 60 and older have increased by more than 30 percent since 2013, far outpacing alternative age cohorts. This increase in demand, coupled with relatively few deliveries this cycle, has allowed landlords to raise rent.

Despite Myrtle Beach's location along the Atlantic Coast’s Grand Strand, it has maintained a status as a relatively affordable place to live, as the median household income is about $10,000 below the national average, or 18 percent. But with the market posting higher than average growth rates across the board, median household income has also been on the rise.

Cumulatively, rent growth in Myrtle Beach has grown more than 32 percent since the start of the cycle, and more than 20 percent of this growth occurred after 2013. For perspective, other popular coastal markets like Hilton Head and Charleston have seen cumulative rent growth of 29 percent and 19 percent, respectively, since 2013. Hilton Head had experienced similar rent growth to Myrtle Beach in 2016.

Additionally, multifamily inventory has only increased by about 15 percent since 2013, creating opportunity for landlords to take advantage of the surge in demand by raising their rents. Again, compare that to Hilton Head and Charleston, where inventories have increased in the same time frame by about 28 percent and 37 percent, respectively.

With more than 1,300 residential units under construction in Myrtle Beach, however, it is unlikely that Myrtle Beach will continue to see growth rise for much longer, as increased competition corrects for these hikes in pricing.

CoStar Market Insights provides a snapshot of recent real estate trends. The CoStar Market Analytics team monitors commercial and multifamily real estate across 390 metro areas, with a granular understanding of the projects, players and economic trends that move these markets.

Learn how CoStar Market Analytics can add to your market knowledge, helping to minimize risk and maximize returns.

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