MYRTLE BEACH, S.C. (WBTW) — Rent prices in Myrtle Beach jumped more than 20% in the last year, according to a study by Apartment List.
“The average pay increase across the U.S. right now is 2.5%, so 2.5% doesn’t nearly keep up with the 21% increase in cost of living,” said Kathy Jenkins, chief executive officer at New Directions.
When comparing the cost of rent in Myrtle Beach from this time last year to now, reports from Apartment List show a drastic increase.
“Myrtle Beach, if you look across all the markets in our data, is certainly near the top of the hottest markets when it comes to rent growth. 20% is really unheard of for a normal year,” said Igor Popov, chief economist at Apartment List.
According to Popov, Myrtle Beach has seen rent increase 6% just this past month.
“I think that the housing market is wild right now to be completely honest, and that’s really being felt by renters,” he said.
And for local homeless shelters like New Directions of Horry County, the challenge for their clients is a lack of affordable housing.
“With the increase in housing costs, it makes it that much more difficult for our clients to get out to long-term sustainability and independent living,” Jenkins said.
According to other renters, finding a safe affordable place here in Myrtle Beach is extremely hard. They say if it’s a nice area, most people need two to three incomes to live there.
“There are fewer people leaving the rental market, which just means more people competing for the same number of rentals because demand can increase so much faster than supply can in the rental market,” Popov said.