News Summary
Myrtle Beach faces a paradox in its housing market, with a surge in luxury apartments leading to high vacancy rates. Despite upscale amenities attracting potential renters, the area’s rental vacancies have soared to 22%, largely due to competition from short-term rental properties. A significant lack of affordable housing compounds the issue, as many residents are burdened by rising rental costs. New developments are underway, but the challenge of balancing luxury with affordability continues to loom over the housing landscape in this vibrant coastal city.
Luxury Apartment Dilemma in Myrtle Beach
As the charming coastal city of Myrtle Beach continues to draw residents and visitors alike with its sandy shores and vibrant atmosphere, it’s facing an unusual challenge in the housing market. The area has seen a significant boom in new luxury apartments over the past five years, but believe it or not, many of these upscale living spaces are sitting vacant. Can you imagine that?
A Housing Boom with a Twist
Myrtle Beach isn’t just about luxury apartments; it’s part of a broader housing boom in Horry County. The market includes all sorts of properties, from cozy single-family homes to trendy townhomes. Luxury apartments are particularly attractive with their high-end appliances, chic finishes, and glamorous amenities like pools and valet trash service. However, their price tag starts at around $1,400 a month, which can be a hefty expense for many.
Vacancy Rates Raise Eyebrows
So what’s the deal with the vacancy rates? Typically, apartment complexes aim for a vacancy rate of 7% or lower to stay healthy, but Myrtle Beach is on a different page. Right now, the rental vacancy rate in Myrtle Beach is a staggering 22%, with North Myrtle Beach showing an even higher rate of an astounding 71%. For comparison, the national average sits at around 5.5%.
What’s Causing All This Empty Space?
The high vacancy rates could be tied to the huge number of short-term rental properties that have popped up in the area, which might be luring potential long-term renters away. Even some well-known apartment complexes like The Hawthorne at the Mill and The Willows at Grande Dunes are experiencing vacancy rates of 12% and 10% respectively. It’s interesting to note that certain places, such as the Luxe at Market Common, boast vacancy rates below the coveted 7% mark.
New Developments on the Horizon
Despite these high vacancy rates, new luxury apartments like The Landing at Coventry are still being constructed, with studio rents starting at about $1,750. Additionally, there’s talk of over 1,800 new apartment units in Carolina Forest, although rental prices are yet to be revealed.
Mixed Blessings: Affordable Options Scarce
While the luxury apartment scene is growing, Myrtle Beach and the surrounding area are grappling with a different issue: a severe lack of affordable housing. Data from 2023 indicates that more than 57% of renters in Myrtle Beach are housing cost-burdened, spending over a third of their income on rent. To make matters worse, the amount covered through housing vouchers is expected to climb from $893 to potentially $1,400 by 2024, eclipsing federal budgets.
Rising Costs and Plans for the Future
The rise in rent can be attributed to various factors, including increasing costs of materials like lumber. In nearby Calabash, North Carolina, a 198-unit single-family rental community called Egret Landing is on the way, featuring pairing villas and standalone homes with prices expected to hover around $2,000.
Meanwhile, plans for The Preserve development in North Myrtle Beach are set to go into action this summer, promising a $250 million investment that includes 370 luxury apartments and additional housing options. Fingers crossed that these new properties will strike the right balance between luxury and affordability!
A Final Thought
This housing dilemma speaks to a broader conversation happening in many cities across the nation as they tackle the complexities of housing supply, demand, and affordability. With so much potential for growth in Myrtle Beach, residents hope that solutions will be found to create a more balanced housing market moving forward.
Deeper Dive: News & Info About This Topic
HERE Resources
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Greenville’s Contender Development Expands into North Carolina
South Carolina Named Top Growth State for 2024
Myrtle Beach Faces Lawsuit Over Short-Term Rental Ban
South Carolina Named Top Growth State of 2024
Myrtle Beach Hotels Create Buzz on the Market
Myrtle Beach Hotel Aventura Hits Market Amid Regulations
Major Transformation Coming to Grande Dunes with Marina Village Development
North Myrtle Beach Residents Rally Against Housing Development
Myrtle Beach Says Goodbye to Cherished Morning Anchor
Additional Resources
- Myrtle Beach Online
- Multi-Housing News
- WBTW News
- Time Out: Best Hotels in Myrtle Beach
- PR Newswire
- Wikipedia: Myrtle Beach
- Google Search: Myrtle Beach housing market
- Google Scholar: Myrtle Beach housing market
- Encyclopedia Britannica: Myrtle Beach
- Google News: Myrtle Beach housing
