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Myrtle Beach Average Rent Falls Below $1,000 for First Time in Three Years

Myrtle Beach: Where coastal living meets affordable rents.

News Summary

Myrtle Beach’s average rent for one-bedroom apartments has dropped below $1,000 for the first time since 2021, sitting at approximately $974. This change marks a significant milestone in the local rental market, following a period of price increases influenced by the pandemic. Horry County’s average rent is even lower at around $930. Despite lower prices for one-bedroom units, two-bedroom apartments still command higher rents. The city council is taking steps to address housing shortages while ensuring a balance with the tourism sector.

Myrtle Beach Sees Average Rent Drop Below $1,000 for the First Time in Three Years!

Folks in Myrtle Beach have some exciting news on the housing front! The average rent for a one-bedroom apartment has finally dipped below the $1,000 mark, a milestone that hasn’t occurred since 2021. As of December 2024, renters can expect to pay around $974 per month for that cozy one-bedroom pad, making it a lot easier to enjoy life in this bustling coastal town.

Rent Relief in South Carolina

If you’re living in Horry County, the average rent for a one-bedroom is even more budget-friendly, sitting at about $930 per month. For those who have been keeping an eye on the rental market, this is welcome news after the chaotic fluctuations of the pandemic years, where rent prices often soared. Interestingly enough, these December 2024 figures are a stark contrast to the peak months of July and August in 2022, where one-bedroom rents climbed to striking highs of $1,118 in Myrtle Beach and around $1,083 in Horry County.

A Glimpse at the Past

To put this into perspective, let’s take a quick stroll down memory lane. The average rent back in December 2019 was significantly lower, with one-bedroom apartments costing just $736 in Myrtle Beach and $693 in Horry County. It’s been a journey; after seeing rental prices drop and stabilize, many are curious if this trend will continue as we head further into 2025.

Two-Bedroom Units Still on the Rise

While the one-bedroom apartments are becoming more affordable, those looking for a little extra space will have to pay about $1,086 per month for a two-bedroom apartment in Myrtle Beach and $1,077 in Horry County. It’s appealing to have options, but renters need to keep their budgets in check.

The Bigger Picture of Rent Burden

rent-burdened, meaning they pay more than 30% of their income on rent. In South Carolina, the numbers are slightly better at 44.6%, but many are still facing financial challenges, especially those households led by Black, Hispanic, or Latino individuals who experience higher rates of rent burden compared to their white counterparts.

Challenges Ahead

The increasing costs have been a concern since 2021, leading to significant struggles for many as living expenses continue to climb. The National Low Income Housing Coalition has shown a troubling decline in affordable housing options for low-income renters from 2019 to 2022, highlighting the ongoing challenges faced by many families.

City Council Steps In

On a positive note, the Myrtle Beach City Council is actively working on solutions to protect rental housing. Recently, they implemented a temporary moratorium on converting short-term rentals into long-term units to maintain a vibrant tourism economy. The aim is to prevent housing shortages while balancing the needs of the local tourism industry.

Bright Future for Seasonal Workers

Furthermore, a new development aimed at creating purpose-built housing for seasonal workers under the J-1 cultural exchange program is in the works. This initiative not only seeks to enhance living conditions for workers but also promises to help local