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Myrtle Beach Rental Prices Dip Below $1,000

Apartment buildings in Myrtle Beach reflecting the recent dip in rental prices.

News Summary

In December 2024, Myrtle Beach saw a significant decrease in rental prices, with the average rent for a one-bedroom apartment dropping to $974. Horry County also reported a lower average of $930. This marks the first decline in rental prices in three years, providing a sigh of relief for renters who have faced financial challenges. While two-bedroom apartments have an average price of $1,086 in Myrtle Beach, and challenges in affordable housing remain, upcoming developments like the J-1 housing project offer hope for improvements in the rental market.

Myrtle Beach’s Rental Prices Take a Dip – A Welcome Change!

Hey there, Myrtle Beach! If you’ve been keeping an eye on the housing market, you might be happy to hear some good news. For the first time in three years, the average rent for a one-bedroom apartment in our beautiful city has fallen below the $1,000 mark. As of December 2024, the average sits at a cool $974. It seems like this might be the perfect moment for folks to catch a break when it comes to renting.

Horry County Follows Suit

If you happen to reside in Horry County, you’re not left out of this positive trend either! The average rent for a one-bedroom there was slightly lower, at $930 per month. This decrease in rental prices comes after nearly a year of steady declines or at least holding steady after the wild fluctuations we saw during the pandemic. Let’s face it, the rental market has been on a rollercoaster ride!

Reflecting on the Past

Looking back, it’s clear that rental prices have come down since their peak in mid-2022, when prices were at an all-time high. Back then, the average rent for a one-bedroom apartment in Myrtle Beach hit $1,118, while Horry County wasn’t too far behind at $1,083. For comparison, if we rewind to December 2019, the numbers were significantly lower: $736 for Myrtle Beach and $693 for Horry County. It’s a breath of fresh air to see prices moving downwards again — even if they’re still a little higher than what many of us would like to see.

Two-Bedroom Apartments Also See Changes

If you’re in the market for a two-bedroom apartment, you’ll want to know that the average price in Myrtle Beach is now $1,086, while Horry County offers a slightly lower average of $1,077. It might seem like a lot to some, especially when you consider that nearly half of American renters are currently feeling the weight of rent making up over a third of their income.

The Rent Burden

Speaking of feeling the squeeze, about 49% of renters across the country find themselves in what is known as rent-burdened situations, where they struggle to pay their monthly rent alongside their other essential expenses. Here in South Carolina, 44.6% of over 600,000 renters fall into that category. It’s a tough pill to swallow for many, especially when it comes to finding that balance between making ends meet and saving for future goals, like owning a home.

Catering to Diverse Communities

This challenge is amplified for renters who are Black, Hispanic or Latino, Native Hawaiian or Pacific Islander, and American Indian or Alaska Native, who tend to struggle the most with rent burdens. The need for affordable housing is now more critical than ever. From 2019 to 2022, the availability of affordable housing for low-income renters saw a notable decline—something that needs our immediate attention.

New Developments on the Horizon

On a brighter note, the upcoming J-1 housing project in Myrtle Beach is set to provide accommodations for international students. Priced at around $40 million, this initiative aims to house up to 1,200 temporary residents and could bring a little relief to the housing crunch while adding some vibrancy to our community.

City Council Decisions

However, not all changes have been smooth sailing. The Myrtle Beach City Council recently decided to put a ban on converting short-term rental properties into long-term units in specific areas. While protecting tourism revenue is crucial for the local economy, a study indicated that converting just 1,000 short-term units to long-term could lead to a whopping $7.6 million loss in revenue for the city. It certainly stirs up quite the debate!

Wrapping Up

So, there you have it, Myrtle Beach! Rental rates are on the decline, making life a tad bit easier for renters. While we continue to face challenges, there’s a silver lining in the form of new developments and proactive measures at the city level. Here’s hoping for a thriving community where everyone can find a decent place to call home!