Myrtle Beach South Carolina

MORE DATA ON FEATURED MARKET IS AVAILABLE HERE

Market Summary
Myrtle Beach has experienced a significant building boom in
the housing market in the last five years. Developers have
been active in the condominium, apartment and single family
sectors. Fortunately for the apartment market, development
has been limited in the last two years with only 240 new units
added to the supply. This has enabled the area’s vacancy rate
to improve from nearly 20% as of April 2003 to 8.9% as of
January 2005. Demand has been strong with 382 units absorbed.
Occupancy rates are highest in the one bedroom floor plans.
Occupancy rates are also generally higher in the stabilized
and older communities indicating strong demand in the overall
market.

The average rent for the Myrtle Beach area was $674 in January
2005. The average one bedroom apartment rents for
$555, a two bedroom unit rents for $673 on average, and
three bedroom unit are $869. Same-store rents increased
$15.08 in the last year.

Development activity remains moderate with 272 units under-
construction.

Occupancy rates should continue to improve in the coming
year due to limited development and an improving economy.
Recent infrastructure improvements should also spur growth
in the area.