Myrtle Beach Rents for One-Bedroom Apartments Fall Below $1,000

News Summary

Myrtle Beach has experienced a significant drop in the average rent for one-bedroom apartments, now averaging $974 per month, its lowest in three years. This change is a relief for renters, particularly in Horry County, where the average rent is $930. While the market demonstrates more stability, actual rental prices may vary significantly. Prospective renters need to remain informed about variations based on apartment types and locations as they navigate this evolving rental landscape.

Myrtle Beach Sees Rents for One-Bedroom Apartments Drop Below $1,000

In a surprising turn of events for renters in Myrtle Beach, the average rent for a one-bedroom apartment has dipped below the $1,000 mark for the first time in three years. As of December 2023, the average rent now sits at $974 per month. This is a notable change, especially compared to the peak rental prices seen just a year and a half ago.

A Neighborhood Snapshot

Looking at the broader area, Horry County has an average rent that is a tad lower at $930 per month. This makes for a welcome relief for those seeking affordable housing options in the region. In fact, these current averages reflect a very different story compared to the dramatic fluctuations renters experienced during the pandemic.

The folks at Apartment List, a company that specializes in housing research and marketplace services, have crunched the numbers based on data from the Census Bureau and their own lease transactions. What they found demonstrates a stability in rental pricing over the past year, making it easier for potential renters to plan their budgets without the rollercoaster of price hikes.

The Rise and Fall of Rental Prices

For some context, rents for one-bedroom apartments peaked back in July and August 2022, reaching as high as $1,118 in Myrtle Beach and $1,083 in Horry County. By December 2019, just before the pandemic shook up the housing market, average rents were significantly lower, at $736 for Myrtle Beach and $693 for Horry County. The current renting landscape is quite the shift for those familiar with just a couple of years ago.

What Renters Should Know

However, it’s important to note that the average rent presented by Apartment List may not capture the entire reality of the market. Property managers have indicated that actual rental prices for one-bedroom apartments can often range between $1,000 and $1,300 in Myrtle Beach. This means that while the averages may be appealing, prospective renters should be prepared for some variations based on what they are looking for.

The size, location, and type of apartment (including whether it’s a true one-bedroom or an efficiency unit) will all play significant roles in determining the price. Efficiency apartments, typically smaller and equipped with a kitchenette, are sometimes mistaken for one-bedrooms and can also range from $900 to $1,000 in price.

The Fine Print

Adding to the complexity is the fact that the definition of what constitutes a “one-bedroom” can vary. Apartment List’s data may sometimes include studios or even efficiency units as one-bedrooms, which can lead to discrepancies in pricing expectations. Moreover, renters within occupied apartments might face lower rent prices than what is listed for currently available rentals, since many landlords choose not to raise rents for long-term tenants.

According to insights from property managers, the average rent for a one-bedroom in Myrtle Beach should realistically hover closer to the around $1,000 mark. As the rental scene continues to evolve, staying informed and finding the right apartment will be key for those navigating the housing market in this coastal city.