Vacation Rental Market Analysis: Myrtle Beach, SC

The Evolve Team
The Evolve Team
June 30, 2022

Beachside bliss is the heart of Myrtle Beach, where over 90 golf courses, 1,800 restaurants, and hundreds of stores, amusement parks, and live entertainment options hug 60 miles of pristine coastline. 

Also known as the Grand Strand, this popular beach town consistently sees a wave of tourists every summer. According to World Population Review, an estimated 14 million visitors pass through the idyllic boardwalks and sandy shores of Myrtle Beach each year.

It’s this family-friendly destination’s unique blend of thrills, sights, and relaxation that make it a beloved vacation spot to return to year after year — which, in turn, makes it a top location to own a short-term rental property. 

To help you understand the scope of investment opportunities within this in-demand market, we created a free downloadable vacation rental market analysis ideal for prospective buyers

Inside our free report you’ll find:

  • Rental income potential by property size
  • Top performing property types
  • Vacation rental inventory by property size
  • Occupancy rate by month
  • Average daily rate by property size and season

The findings in this analysis are based on Evolve’s Myrtle Beach market averages in the last year and provide a general baseline for performance potential. They’re designed to help inform smart buying decisions when investing in Myrtle Beach. 

Download Our Complete Myrtle Beach Vacation Rental Investment Analysis

blue icon of a beach house with waves, an umbrella and stars

Why Myrtle Beach Is a Great Place to Own Vacation Rental Property

From the tiny, tight-knit town of Loris to the bustling boardwalk of The Beach, the 14 unique communities of Myrtle Beach offer their own attractions, atmosphere, perks, and properties, all with access to the sandy shores of the Atlantic and mild year-round temperatures. Add in the area’s relatively low cost of living, and it’s not surprising to see why U.S. News and World Report named Myrtle Beach the Fastest-Growing Place in the U.S. for 2021-2022. 

For vacation rental investors who are eager to enter a hot market, that makes Myrtle Beach an ideal place to be. 

While the beaches of Miami and Panama City are magnets for energetic college students, the smaller-town Southern hospitality of Myrtle Beach is more popular with East Coast families relaxing on their school breaks. According to our market analysis, Myrtle Beach has a long peak season — the surge starts building around spring break in April, and peaks during the summer vacation stretch from June through August when occupancy hits an annual high. 

But back-to-school season doesn’t mean your occupancy numbers are in trouble. Myrtle Beach continues to attract a variety of visitors thanks to its golf courses, performing arts, and restaurant scene. So no matter the time of year, there are opportunities to book many kinds of guests — especially if you know what they want in a vacation rental.

It’s also worth mentioning that, even with an influx of new residents and beachgoers, the real estate in Myrtle Beach is more affordable than many of its neighbors along the South Carolina coast. Zillow reports a median home value of $300,620 for the average home, with plenty of desirable beachfront properties available.

blue icon of a crystal ball with the words "profit prediction" in the center with stars

How Much Money Can You Earn with a Myrtle Beach Vacation Rental?

As travelers return year after year, investors in the area have the potential to earn a sizable income and secure repeat vacation rental guests. To maximize your earnings and gauge how valuable your home could be in this market, there are a number of factors to consider.

Property Size

Our Real Estate Services (RES) team says popular Myrtle Beach homes have the space to accommodate 10 or more people, yet the market of available properties to purchase is dominated by one- and two-bedroom condos. 

The good news: guests are often drawn to convenience over size, so selecting a smaller home from available inventory can still be highly profitable with the right approach. We recommend looking for a beachfront property (or beach access within walking distance) with outdoor-centric amenities like a pool and hot tub. This way, your guests can easily get out of the house and enjoy the nearby activities that brought them to Myrtle Beach in the first place.

If you’re eager to find one of those larger homes — and willing to navigate more limited inventory — consider buying off the Myrtle Beach coast. While our vacation rental market analysis says four- to five-bedroom homes only make up a small portion of available properties, they have less competition within the market overall.

Property Location

When a top vacation destination has “beach” in the name, it’s an easy bet that the water is the biggest draw for tourists. The most-booked properties in Myrtle Beach have ocean-facing balconies or easy beach access, and are often located in the heart of the community. Use the shoreline as your guide to discover lucrative properties of all kinds.

Consider finding a location near the performing arts and restaurant hubs, too. This can help owners with more inland properties offset their distance from the water, and also provides great entertainment for guests visiting in the off season.

Property Amenities

Facing the ocean and being close to the sand is still the top priority, but bringing the ocean indoors with cheerful, beach-themed accents can also create a more memorable experience for your guests. You could start small with shell-shaped soaps, patterned towels, fun accent pillows, or an ocean-themed welcome basket. To go bigger, you could also add coastal-chic furniture, beach-friendly equipment, and spruced-up outdoor spaces. Many available properties are in older complexes and communities, so it’s up to you to add a fresh sense of flair that excites visitors of all ages.

With families at the top of your guest list, it’s also important to have amenities that suit their needs. Offering extra sleeping spaces, cribs, and bunks will keep everyone comfortable (along with central air conditioning), and simple touches like self check-in and a welcome book will put guests at ease.  

Bookings come naturally in the peak spring and summer seasons, but to earn at your highest income potential, you’ll have to stand out to travelers who are looking for more than just fun in the sun. Consider creating an inviting, upscale atmosphere that offers year-round entertainment (think entertainment system and game room) and gives local hotels some competition.

Download Our Full Myrtle Beach, SC Vacation Rental Market Investment Analysis 

From the busiest summer season to the quieter winter days, owners who provide the right accommodations to their vacation rental guests will find year-round success in the South’s charming seaside. Whether you’re looking to dip your toes in with a new investment property or take the plunge with your current home, download our free Myrtle Beach Area Vacation Rental Market Analysis today.

Inside there’s an array of helpful insights, including: 

  • Average daily rate by property size
  • Average days booked in advance
  • Average length of stay in high and low seasons
  • High and low seasons in Myrtle Beach

You don’t need to channel your inner shark to make it to the top of the vacation rental food chain. Discover the details that make waves and use them to build a smarter, more lucrative investment.

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