Introduction
When it comes to vacation destinations in the United States, few places can rival the charm and appeal of North Myrtle Beach, South Carolina. This coastal gem has become a hotspot for tourists seeking sun, sea, and sand. The city’s stunning beaches and a wide array of attractions have attracted visitors from near and far, leading to a flourishing short-term rental market that caters to the diverse needs of travelers. In this blog post, we’ll delve into the North Myrtle Beach short-term rental market, exploring key statistics, market trends, and essential insights for both potential investors and travelers. Whether you’re a seasoned host or a tourist looking for the perfect getaway, this guide has you covered.
Market Overview
To understand the dynamics of the short-term rental market in Myrtle Beach, let’s delve into some key statistics and figures.
Supply
The most popular homes are 2-bedroom homes, comprising 43,34% of inventory. This is followed by 3 and 1-bedroom homes at 33.45% and Studio 33.40% of the total inventory, respectively.
Homes Appreciation
As of November 2024, according to Zillow, homes in Myrtle Beach experienced an depreciation of -1.15%. This data indicates a significant increase in property values.
As of October of 2024, Homes in Myrtle Beach have depreciated by –1.15%. The median home value in Minneapolis is $303,200 as reported by Zillow. This figure highlights the city’s robust real estate market and the potential for long-term property appreciation.
Active Short Term Rentals
As of October 2024, Myrtle Beach boasts a significant Airbnb rental market, with approximately 3,441 active rentals. This abundance of available properties provides ample opportunities for investors and homeowners looking to capitalize on the tourism demand.
Average Daily Rate
The median ADR for the market is $318. The Average Daily Rate is the highest for 5 bedroom homes ($405) followed by 4-bedrooms and 3 bedrooms at 380 and $310 respectively.
Occupancy Rate
Chalet data reveals an occupancy rate of 54% for Airbnb rentals in Myrtle Beach. This high demand ensures a consistent stream of income for property owners and investors.
How Profitable is Airbnb in Myrtle Beach ?
As of November 2024, the average gross yield, which represents the annual income generated by a property as a percentage of its value, is 15.41% in Myrtle Beach. This figure suggests that short-term rentals in the city offer a favorable return on investment. Myrtle Beach is ranked #19 by return on investment on Airbnb rentals in the United States.
Annual Revenue
According to Chalet, short-term rentals in Myrtle Beach earn an average of $46,867 annually, highlighting the strong investment potential in the city’s market. You can evaluate your properties using our free Airbnb calculator.
Property Tax
According to SmartAsset, the average property tax in Myrtle Beach is 0.36%. This relatively moderate tax rate is an important consideration for those looking to invest in short-term rental properties.
Regulations
Myrtle Beach’s short-term rental regulations are somewhat investor-friendly, with different zoning regulations and limitations in place. Understanding these regulations is crucial for potential investors to ensure compliance and a smooth operation.
Guests
The majority of the guests come from outside of South Carolina. 4.20% of all guests are from Charlotte followed by Raleigh with 1.80%.
Top Places for Airbnb in Myrtle Beach
Myrtle Beach top submarkets for Airbnb investments include areas like ZIP code 29577, which has the highest gross yield at 11% and an annual revenue of $28,935.
Home values also vary significantly, with properties ranging from $341.2K in 29579 to $263.2K in 29577, making each submarket unique in terms of investment potential and entry cost.
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Hosts
The market is not dominated by property management firms. The largest host is Amanda with 4.96% of the total inventory and an average review of 4.33⭐️s .
North Myrtle Beach: Beyond Real Estate
Economic Snapshot
To make informed decisions about the short-term rental market, understanding the local economy is crucial. The median household income in North Myrtle Beach, SC is approximately [insert median household income], ensuring that there is disposable income available for travel and accommodation expenses.
Climate and Geography
The appeal of North Myrtle Beach goes beyond its economic potential. The city enjoys a pleasant climate, with mild winters and hot summers, making it a year-round destination for beach enthusiasts.
Population and Culture
North Myrtle Beach has a population of [insert population size]. This relatively small community provides a welcoming and friendly atmosphere, ideal for travelers looking to escape the hustle and bustle of larger cities.
Sports and Education
While North Myrtle Beach may not be home to major professional sports teams, its proximity to larger cities like Myrtle Beach offers access to various sporting events. As for higher education, the city primarily serves as a vacation destination, with no colleges located within its borders.
Safety Matters
Safety is a top concern for travelers and investors alike. North Myrtle Beach maintains a focus on public safety, and you can find the latest crime rate statistics from local law enforcement agencies for peace of mind.
The Tourist Demographic
Understanding the source of visitors is key to a successful short-term rental business. Travelers flock to North Myrtle Beach from a variety of places, including nearby cities, neighboring states, and even international locations.
Attractions Galore
The city’s appeal lies not only in its beautiful beaches but also in its numerous attractions. From water parks and amusement centers to cultural festivals and historical sites, North Myrtle Beach offers a diverse range of entertainment options for all ages.
Timing Matters
Peak season in North Myrtle Beach typically falls during the summer months, from June to August, when the weather is at its best and families take their annual vacations. This is the prime time for both tourists and hosts to capitalize on the bustling tourism season.
Conclusion
The North Myrtle Beach short-term rental market presents an enticing opportunity for investors and a dream destination for travelers. With an array of attractions, a thriving real estate market, and a welcoming community, it’s no wonder this coastal city has become a sought-after destination for vacationers. By staying informed about the market trends, local insights, and understanding the city beyond its real estate potential, you can make the most of this vibrant and exciting destination. Whether you’re a host looking to boost your property’s appeal or a traveler seeking the perfect vacation spot, North Myrtle Beach has something for everyone.
