Vacation Rental Market Analysis: Myrtle Beach, SC

The Evolve Team
The Evolve Team
September 2, 2021

Beachside bliss is the heart of Myrtle Beach, where 86 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. In 2020, the Myrtle Beach Convention Bureau reported 12.8 million visitors despite the coronavirus pandemic, and the year prior saw 20.6 million people pass through its idyllic boardwalks and sandy shores. 

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

Download Our Complete Myrtle Beach Vacation Rental Investment Analysis

Myrtle Beach vacation rental illustration

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 the U.S. News and World Report has 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 two peak seasons — spring break in April, when occupancy rates can hit an average of 60% for the top 25% of performers, and the summer vacation stretch from June through August, when occupancy rates can reach an average 90% for that group. 

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 $223,642 for the average four-bedroom home, with plenty of desirable beachfront properties available. 

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

Myrtle Beach vacation rental revenue estimate graph, broken out by bedroom count

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 the market, there are a number of notable 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 (a combined 57% of inventory). 

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 abundance of 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 combined 11% 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 or beach-friendly equipment. 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 — along with their furry friends! Airbnb says offering pet-friendly accomodations can increase revenue by 6%, and over 80% of Evolve homes in Myrtle Beach allow them to stay (and sit, and roll over). Offering extra sleeping spaces, cribs, and pet beds 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 summer and spring 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. (It also helps to have strategic pricing strategies in play to help get you noticed any time of year.)

The Evolve Difference

Evolve owners earn an average $16,648 more annually than the market. 

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

From the busiest summer season to the quieter winter days, homeowners 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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