Invest In Apartment Buildings In Conway, SC

What Drives Rental Demand In Conway

Conway's apartment demand starts with its 3,036 renter households, 34.6% of all occupied homes in the city (U.S. Census ACS 2020–2024). Renter households rose 11.7% over five years, close to the population trend (up 14.4%).

Median household income in Conway, SC is $56,650, up 33.3% over five years. Resident employment rose 8.6% and the unemployment rate was 8.3% in the latest survey. Incomes grew faster than rent (33.3% versus 5%), which leaves tenants a little more room in their budgets than five years ago.

Conway 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.

Conway Rent Trends And Supply

Median gross rent in Conway, SC is $866 a month, up 5% from $825 in the 2015–2019 survey (U.S. Census ACS 2020–2024). That's slower than the national trend. In a market like this, a business plan has to work on today's rents, not on big increases.

Rental vacancy is 4.4%, within the normal range for a balanced market. Census vacancy estimates for smaller places carry wide margins of error, so we check them against current local listings. 52.1% 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 14.1% of homes in Conway are in buildings with 5 or more units, roughly 1,354 homes. It grew 2.4% over five years, a moderate amount of new supply. The median home was built in 2001, 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 Conway Stands Among Its Peers

Among the 24 South Carolina cities we track, Conway ranks 24th for median gross rent, 11th for renter share and 24th for five-year rent growth. Its rents sit near the bottom of the group, which keeps it affordable for tenants but also caps what renovations can earn. Compared with the 2015–2019 survey, Conway now has about 3,425 more residents, 318 more renter households and 32 more homes in buildings with 5 or more units. Renter households grew by about 10.0 for every new home in a larger apartment building. Not every renter lives in an apartment, but demand has clearly kept ahead of new multifamily supply.

Conway Compared With Horry County

Conway's median gross rent of $866 is below the South Carolina median of $1,180, and its renter share is 34.6% compared with 28.1% statewide.

Rent Versus Income In Conway

The median rent in Conway works out to $10,392 a year, about 18.3% of the median household income of $56,650. Under the common 30% guideline, a household needs about $34,600 a year to cover that rent comfortably. That's a lighter 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 $41 a month ($492 a year), while median household income rose $14,152 a year. Income has outpaced rent, which means tenants have a bit more room in their budgets than they did five years ago. HUD's FY2027 Fair Market Rent for a two-bedroom unit, $1,504, is 73.7% 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: Conway Rental Market

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

• Conway, SC has 27,263 residents, up 14.4% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Conway, SC is $56,650, up 33.3% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Conway, SC is $866 a month, up 5% over five years (U.S. Census ACS 2020–2024).
• 34.6% of households in Conway, SC rent, about 3,036 renter households (U.S. Census ACS 2020–2024).
• 14.1% of homes in Conway, SC are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Conway, SC is 4.4%, and 52.1% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Conway, SC was built in 2001 (U.S. Census ACS 2020–2024).

What We Look For In A Conway Apartment Building

We look at buildings with 5 or more units in Conway, from small walk-ups to larger garden-style communities, in stabilized or value-add condition. We compare in-place rents with nearby buildings, inspect roofs, plumbing and HVAC, and ask whether better management or targeted renovation can close the gap with the market.

Property taxes are a big line item for any South Carolina apartment building. We estimate the tax bill as it will be after the purchase, because a sale can trigger a reassessment in many places. 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.

We keep assumptions conservative: modest rent growth, real repair budgets and loan terms that leave room for a soft year.

Questions To Ask About An Apartment Syndication In Conway

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

• What vacancy does the plan assume? Rental vacancy in Conway is 4.4%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 5% 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 Conway was built in 2001, and even newer buildings need money set aside for roofs, HVAC and appliances.
• 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 Conway Apartment Syndication Works

Two groups make an apartment syndication work. The sponsor, or general partner, handles the deal: finding the building, financing it and running the business plan. The limited partners are passive investors who contribute capital and share in the property's results under the offering's terms.

It's a long-term commitment. The property has to be refinanced or sold before most capital comes back, and the outcome isn't certain. Eligibility rules vary by offering, and most are limited to accredited investors. See investing with Skyline Capital for how we work with limited partners.

Getting Started

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