Invest In Apartment Buildings In Myrtle Beach, SC

Where Myrtle Beach's Apartment Demand Comes From

Rental demand in Myrtle Beach comes from 6,960 renter households, which is 39.5% of occupied housing (ACS 2020–2024). The renter count rose 15.7% from the 2015–2019 survey, roughly in step with population (up 17.3%).

Median household income in Myrtle Beach, SC is $60,394, up 39.8% over five years. Resident employment rose 24.8% and the unemployment rate was 5.4% in the latest survey. Rent and income have moved at a similar pace (38.1% and 39.8%), so affordability hasn't shifted much.

Myrtle Beach has a sizable renter base without being a renter-majority market. Location inside the city matters a lot, since demand tends to cluster near jobs, transit and schools.

Myrtle Beach Rent Trends And Supply

Median gross rent in Myrtle Beach, SC is $1,261 a month, up 38.1% from $913 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.

The rental vacancy rate of 17.4% is on the high side, so we'd budget for longer lease-ups and more marketing. Census vacancy estimates for smaller places carry wide margins of error, so we check them against current local listings. 59.4% 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 40% of homes in Myrtle Beach are in buildings with 5 or more units, roughly 9,778 homes. That count was down 18.4% over five years, so new apartment supply has been limited. The median home was built in 1994, 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.

How Myrtle Beach Ranks For Apartment Investors

Among the 24 South Carolina cities we track, Myrtle Beach ranks 14th for median gross rent, 10th for renter share and 6th for five-year rent growth. Its rents fall in the middle of the pack. Compared with the 2015–2019 survey, Myrtle Beach now has about 5,671 more residents, 944 more renter households and 2,205 fewer homes in buildings with 5 or more units.

Myrtle Beach Compared With Horry County

Myrtle Beach's median gross rent of $1,261 is above the South Carolina median of $1,180, and its renter share is 39.5% compared with 28.1% statewide.

Can Tenants Afford Myrtle Beach Rents?

At $1,261 a month, the median Myrtle Beach rent adds up to $15,132 a year, or roughly 25.1% of what the median household earns. Under the common 30% guideline, a household needs about $50,400 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.

In dollars, Myrtle Beach rent climbed $348 a month over five years and household income climbed $17,194 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 19.3% 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: Myrtle Beach Rental Market

If you only read one part of this page, read this list. Every figure is from the Census Bureau's ACS 5-year estimates.

• Myrtle Beach, SC has 38,371 residents, up 17.3% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Myrtle Beach, SC is $60,394, up 39.8% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Myrtle Beach, SC is $1,261 a month, up 38.1% over five years (U.S. Census ACS 2020–2024).
• 39.5% of households in Myrtle Beach, SC rent, about 6,960 renter households (U.S. Census ACS 2020–2024).
• 40% of homes in Myrtle Beach, SC are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Myrtle Beach, SC is 17.4%, and 59.4% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Myrtle Beach, SC was built in 1994 (U.S. Census ACS 2020–2024).

What We Look For In A Myrtle Beach Apartment Building

In Myrtle Beach we focus on apartment buildings with 5 or more units. Some are stabilized and well run. Others have below-market rents or deferred maintenance that a better operator can fix. Either way, the deal has to make sense on current numbers.

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.

After a stretch of fast rent growth, we keep rent assumptions modest and leave room for concessions if new supply opens nearby.

Questions To Ask About An Apartment Syndication In Myrtle Beach

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

• What vacancy does the plan assume? Rental vacancy in Myrtle Beach is 17.4%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 38.1% 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 Myrtle Beach was built in 1994, 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 Myrtle Beach Apartment Syndication Works

A syndication splits the work from the capital. As general partner, Skyline sources and buys the building, sets the business plan and runs it with a property manager. Limited partners invest money, own part of the property and receive reports, but they don't manage anything day to day.

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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