Myrtle Beach Investment Property for Sale - 2023 Rental Home Appreciation
State: South Carolina
The Myrtle Beach real estate market offers many good investment opportunities for real estate investors. It’s an affordable market with high home price appreciation and demand for long-term and short-term vacation rentals. The best part? Real estate experts currently consider it a buyer’s market.
Real estate investors should act fast if they want to add a Myrtle Beach rental property to their portfolio.
Myrtle Beach's Attractive Housing Market
Myrtle Beach is in the heart of South Carolina’s Grand Strand, a 60-mile arc of beach along the Atlantic Coast. It’s conveniently located 95 miles north of Charleston, SC, and 78 miles south of Wilmington, NC. The city’s main strip, N Ocean Blvd, is home to the city’s boardwalk and many attractions for tourists.
Real estate investors can find everything from oceanfront beach houses and condominiums to single-family homes and townhouses in Myrtle Beach homes for sale.
The Myrtle Beach area is home to many great suburbs for real estate investors to consider. They include Conway, Garden City, North Myrtle Beach, and Surfside Beach.
- Conway: Conway is located 21 miles north of Myrtle Beach along SC-544. It’s one of the oldest towns in South Carolina and is known for its small-town southern charm. The median listing price in Conway is $181/sqft, and the median sales price is $294,520. The median rent is $1,870/month.
- Garden City: Garden City is located 10 miles south of Myrtle Beach along Hwy 17. It’s a small, family-friendly beach community. The median listing price in Garden City is $260/sqft, and the median sales price is $319,960. The median rent is $1,500/month.
- North Myrtle Beach: North Myrtle Beach is located 16 miles north of Myrtle Beach along Hwy 17. It’s the birthplace of the Shag Dance and home to award-winning golf courses. The median listing price in North Myrtle Beach is $286/sqft, and the median sales price is $389,450. The median rent is $1,600/month.
- Surfside Beach: Surfside Beach is located 8 miles south of Myrtle Beach along Hwy 17. It’s known as the “Family Beach” and is home to 7 public parks. The median listing price in Surfside Beach is $217/sqft, and the median sales price is $374,780. The median rent is $1,200/month.
Whether you’re investing in oceanfront condos, townhomes with an ocean view, or long–term single-family homes, Myrtle Beach has something for everyone.
Rental Home Appreciation in Myrtle Beach
Myrtle Beach has a great rental market with demand for long-term and short-term vacation rentals. Nearly half (43%) of households in Myrtle Beach are renter-occupied, and the city only has a 4.6% vacancy rate.
According to Realtor, the median listing price in Myrtle Beach is $218 per square foot with a median sale price of $289,000. Zillow’s Home Value Index reports that’s a 36.4% change since last year. The median rent in Myrtle Beach is $1,870 per month. That’s an even better return on investment than a Charleston rental property.
Myrtle Beach also has a strong vacation rental market. According to AirDNA, Myrtle Beach has an Airbnb occupancy rate that ranges from 35% in December to 97% in July. Hosts generate an average of nearly $3,000 a month in rental income.
With such a solid long and short-term rental market, a Myrtle Beach rental property has the potential to yield significant returns for real estate investors and property management companies.
Economic Growth in Myrtle Beach
Myrtle Beach is a small city on South Carolina’s Atlantic Coast. Still, it’s growing fast. U.S. News and World Report ranked Myrtle Beach as one of the 25 fastest-growing cities in the U.S. People are drawn to the city because of its beaches, low cost of living, housing affordability, and stable economy.
Myrtle Beach’s primary industries are hospitality, entertainment, healthcare, and aerospace. The city’s largest employers are Sands Properties, Grand Strand Medical Center, Horry County School District, and Coastal Carolina University. These employers provide stable, well-paying jobs that attract people to the city and fuel the city’s growth. In fact, Myrtle beach has a 4.4% unemployment rate, and its job market has grown by 1.6% since last year.
The Myrtle Beach real estate market offers real estate investors demand for long and short-term rentals, very high home price appreciation, and a stable economy. They combine to create a great investment opportunity no matter what property type you choose to invest in.
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