This month’s featured market is Myrtle Beach, South Carolina, which offers several advantages for vacation rental owners.
Myrtle Beach is a family-friendly destination that’s known for its 1.2-mile boardwalk, 60 miles of uninterrupted beach, quality golf courses, nature walks, and more. This seaside getaway also offers entertainment aplenty. Venues like Ripley’s Aquarium, Pirate’s Voyage, Medieval Times, The Carolina Opry, and WonderWorks are popular with tourists and locals alike.
The location is another factor that contributes to the area’s success. Myrtle Beach is within driving distance of several major east coast cities, which means that many families return year after year.
The peak seasons for Myrtle Beach are spring break in March and April (with an average occupancy rates of 60% or higher) and the summer vacation season (from May through August) in which occupancy rates rise to a whopping 80% and higher.
Vacation rentals in Myrtle Beach offers a great ROI. The median home price is around $150,000, which is substantially less than most popular seaside cities. There is also ample inventory to choose from. The average rental pulls in about $28,000 a year, making this market an affordable option with a sensible rate of return.
In order to meet full income potential, properties in the area must have updated furnishings and decor. Many of the condos in Myrtle Beach are older and may need some upgrades to stay competitive. The amenities that matter most are ocean views and proximity to the beach. Travelers to this area most often choose ocean views over size, which increases the occupancy rates for smaller seaside condos and homes. In this market, there’s a big difference between the success of ocean front properties and ocean view properties, with guests most often booking the latter.
Vacation rental restrictions in Myrtle Beach depend on the area, with some neighborhoods being strict and others quite lenient. Make sure to double check on restrictions before investing.