Invest In Apartment Buildings In Horry County, SC

What Drives Rental Demand In Horry County

Horry County's apartment demand starts with its 36,099 renter households, 22.7% of all occupied homes in the county (U.S. Census ACS 2020–2024). Renter households dropped 2.4% between the 2015–2019 and 2020–2024 surveys. We treat that as a caution flag and look closely at occupancy in any building we consider here.

The typical Horry County household earns $66,880 a year, 31.9% more than in the 2015–2019 survey. The number of employed residents rose 12.1% over the same period, and unemployment stood at 4.9%. Rent and income have moved at a similar pace (30.9% and 31.9%), so affordability hasn't shifted much.

Horry County leans toward ownership. Apartment buildings compete with single-family rentals for tenants, so we look closely at how a property's rents compare with nearby rental houses.

Rents, Vacancy And Supply In Horry County

Median gross rent in Horry County, SC is $1,255 a month, up 30.9% from $959 in the 2015–2019 survey (U.S. Census ACS 2020–2024). That's fast growth. Part of it reflects the national rent run-up of 2021 and 2022, and some of it can fade when new buildings open nearby, so we don't project the same pace forward.

Rental vacancy is 19.2%, higher than we like to see. Before buying here, we'd want to know whether the empty units sit in a few older properties or across the whole market. 52% of renters spend 30% or more of their income on housing. That limits how hard rents can be pushed, so renewals and retention matter more than big increases.

About 25.1% of homes in Horry County are in buildings with 5 or more units, roughly 54,590 homes. That count was down 10% over five years, so new apartment supply has been limited. The median home was built in 1999, so the housing stock is relatively new. Value-add plans here lean more on management and amenities than on heavy renovation. For comparison, HUD's fiscal year 2027 Fair Market Rent for a two-bedroom unit in the Myrtle Beach-North Myrtle Beach-Conway, SC HUD Metro FMR Area is $1,504 a month.

Where Horry County Stands Among Its Peers

We track 9 South Carolina counties. Horry County places 5th for median gross rent, 8th for renter share and 6th for five-year rent growth. Its rents fall in the middle of the pack. In raw numbers, Horry County has about 50,844 more residents, 888 fewer renter households and 6,066 fewer homes in buildings with 5 or more units than in the 2015–2019 survey. With fewer renter households than before, a building has to win tenants from competitors rather than from new demand.

Cities In Horry County At A Glance

We follow 2 cities in Horry County. The largest is Myrtle Beach, with a median gross rent of $1,261 a month.

Horry County Compared With South Carolina

Horry County's median gross rent of $1,255 is above the South Carolina median of $1,180.

Can Tenants Afford Horry County Rents?

The median rent in Horry County works out to $15,060 a year, about 22.5% of the median household income of $66,880. Under the common 30% guideline, a household needs about $50,200 a year to cover that rent comfortably. That's a heavier load than the South Carolina average of 20.4%. Renters usually earn less than the all-household median, so the real burden for tenants is higher than this simple ratio shows.

Since the 2015–2019 survey, the median rent rose $296 a month ($3,552 a year), while median household income rose $16,175 a year. The two have moved together, so affordability today looks much like it did five years ago. HUD's FY2027 Fair Market Rent for a two-bedroom unit, $1,504, is 19.8% above the median gross rent for all unit sizes. That gap matters for buildings that accept Housing Choice Vouchers, since local housing authorities base voucher payment standards on it.

Quick Facts: Horry County Rental Market

Here's the Horry County rental market in short form, with the source on every figure.

• Horry County, SC has 383,016 residents, up 15.3% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Horry County, SC is $66,880, up 31.9% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Horry County, SC is $1,255 a month, up 30.9% over five years (U.S. Census ACS 2020–2024).
• 22.7% of households in Horry County, SC rent, about 36,099 renter households (U.S. Census ACS 2020–2024).
• 25.1% of homes in Horry County, SC are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Horry County, SC is 19.2%, and 52% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Horry County, SC was built in 1999 (U.S. Census ACS 2020–2024).

What We Look For In Horry County

Our buy box in Horry County is the same one we use nationwide: 5+ unit apartment buildings, stabilized or in need of work, priced on today's rents. Then we test the property against the local data on this page and a full inspection of its major systems.

Property taxes are a big line item for any South Carolina apartment building. We underwrite the tax bill after purchase, not the seller's current bill, since a sale often resets the assessment. South Carolina has no statewide rent control law, though local rules on notices, fees and deposits still apply. Insurance quotes in South Carolina reflect hurricane and flood exposure, so we get a quote before we make an offer.

Given how fast rents rose here, we assume much slower rent growth going forward and make sure the deal still works if rents stay flat for a while.

Due Diligence For Apartment Syndications In Horry County

The data on this page turns into a short checklist for evaluating an apartment syndication in Horry County.

• What vacancy does the plan assume? Rental vacancy in Horry County is 19.2%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 30.9% over five years. Ask whether the plan assumes that pace continues, and what happens to the deal if rents stay flat.
• How was the property tax bill estimated? A sale often triggers a reassessment, so the bill after purchase can be well above what the seller pays today.
• How big is the repair reserve? The median home in Horry County was built in 1999, and even newer buildings need money set aside for roofs, HVAC and appliances.
• How will the building hold occupancy? Renter households in Horry County fell 2.4%, so the plan should show how it keeps units full.
• How and when does capital come back? Ask what the plan is for a refinance or sale, and what happens if that takes longer than expected.

How Passive Investing In A Horry County Apartment Syndication Works

Here's the short version. The general partner, in this case Skyline, finds an apartment building in Horry County, buys it with a loan and investor capital, and runs it. Limited partners supply part of that capital and hold an ownership share, without landlord duties or personal liability for the loan.

Expect your money to be tied up for years, with no easy way to sell your share early, and remember that any investment can lose money. Most deals are open only to accredited investors under Rule 506(b) or 506(c). See investing with Skyline Capital for how we work with limited partners.

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