MYRTLE BEACH, S.C. (WBTW) — Myrtle Beach apartment rent prices have been steadily increasing the last five years at an average of 4.4% per year while the national average is 3.8%.
According to Zillow Economist Arpita Chakravorty, rent increases in Myrtle Beach have been higher than the nationwide rent appreciation since 2015.
“Myrtle Beach rents typically increased 3.9% from 2019 to 2020, compared to a 3.1% increase nationwide,” Chakravorty said.
This means that renter incomes also need to increase by the same percentage as rent increases in Myrtle Beach to avoid deteriorating rent affordability, which is measured by the percentage of monthly income spent on rent.
Chakravorty says that rental markets are driven by numerous factors, such as the total number of renter households, renter demographics, employment, and incomes, and the total number of rent units available.
“At the end of the day, the Myrtle Beach rent increases depend on how lessons from Economics 101, like supply and demand, translate to the local market,” Chakravorty says.
The information in the graph above is based on The Zillow Observed Rent Index (ZORI). The ZORI measures the changes in rents over time. The Zori calculates price differences for the same rental unit over time, then assembles those differences across all properties repeatedly listed for rent on Zillow.
The current average rent price for a one-bedroom apartment in the Myrtle Beach area is $988 per month, based on a News13 analysis of nearly 30 apartment complexes’ advertised rent prices in the Myrtle Beach area.
The average rent prices and square footage are as follows:
- Studio = $872 / 474 sq ft.
- 1 bedroom = $988 / 731 sq. ft.
- 2 bedroom = $1159 / 1035 sq. ft.
- 3 bedroom = $1411 / 1270 sq. ft.