Myrtle Beach South Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in Myrtle Beach, SC (the Myrtle Beach-North Myrtle Beach-Conway metro area) was $1,016 in 2019 according to the Census ACS survey.1 Average gross rent in Myrtle Beach was $966 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Myrtle Beach median and average rent data will be released in September of 2021.
Data is also available below for Myrtle Beach rental vacancy rates, Myrtle Beach rent as a percent of median income and the fraction of renters in Myrtle Beach.
Real Gross Rent in Myrtle Beach South Carolina (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| South Carolina Median Gross Rent | $922 | +1.54% | +4.65% |
| Myrtle Beach, SC Median Gross Rent | $1,016 | +6.95% | +8.55% |
Myrtle Beach, SC Real Gross Rent Trends
At $1,016, real median gross rent in Myrtle Beach was at its highest level in 2019 since the series began in 2005. At $966, real average gross rent in Myrtle Beach was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Myrtle Beach: Myrtle Beach SC Median, Myrtle Beach SC Average, South Carolina Median, US Median
Real Gross Rent History for Myrtle Beach
| Date | US Median |
South Carolina Median |
Myrtle Beach, SC Median |
Myrtle Beach, SC Average |
|---|---|---|---|---|
| 2019 | $1,097 | $922 | $1,016 | $966 |
| 2018 | $1,077 | $908 | $950 | $910 |
| 2017 | $1,043 | $874 | $948 | $900 |
| 2016 | $1,027 | $881 | $936 | $877 |
| 2015 | $1,017 | $869 | $926 | $902 |
| 2014 | $986 | $835 | $867 | $865 |
| 2013 | $953 | $807 | $854 | $796 |
| 2012 | $940 | $802 | $867 | $824 |
| 2011 | $941 | $800 | $868 | $866 |
| 2010 | $955 | $813 | $872 | $840 |
| 2009 | $960 | $805 | $917 | $866 |
| 2007 | $927 | $758 | $885 | $831 |
| 2005 | $910 | $764 | $849 | $803 |
Myrtle Beach Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Myrtle Beach South Carolina was 28.93% according to Census ACS data.
Rental Vacancy Rate in Myrtle Beach South Carolina
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| South Carolina | 9.13% | -0.86% | +0.64% |
| Myrtle Beach, SC | 28.93% | -0.38% | +0.39% |
Trends in Myrtle Beach, SC Rental Vacancy Rate
The rental vacancy rate in Myrtle Beach peaked in 2011 at 40.31%. Since then it has fallen by 11.38% to 28.93%. Data records for this series originated in 2005.
Rental Vacancy Rate: Myrtle Beach SC, South Carolina, US
Historical Rental Vacancy Rate data for Myrtle Beach
| Date | US | South Carolina | Myrtle Beach, SC |
|---|---|---|---|
| 2019 | 5.97% | 9.13% | 28.93% |
| 2018 | 6.15% | 9.99% | 29.31% |
| 2017 | 6.18% | 8.97% | 26.29% |
| 2016 | 5.89% | 8.49% | 28.54% |
| 2015 | 5.85% | 9.45% | 27.74% |
| 2014 | 6.32% | 10.54% | 28.91% |
| 2013 | 6.49% | 10.54% | 37.05% |
| 2012 | 6.77% | 12.68% | 38.12% |
| 2011 | 7.40% | 12.12% | 40.31% |
| 2010 | 8.17% | 13.69% | 37.63% |
| 2009 | 8.43% | 13.35% | 33.38% |
| 2007 | 7.87% | 11.99% | 32.23% |
| 2005 | 7.74% | 11.43% | 25.93% |
Rent as a Fraction of Income
Using median household income data for Myrtle Beach, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Myrtle Beach, median monthly gross rent as a fraction of median household income was 21.40% in 2019 according to the ACS.
Myrtle Beach South Carolina Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| South Carolina | 19.68% | -0.79% | -0.71% |
| Myrtle Beach, SC | 21.40% | -0.31% | -1.53% |
Trends in Myrtle Beach, SC Rent as a Fraction of Income
The fraction of median Myrtle Beach household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 24.88%. Since then it has fallen by 3.48% to 21.40%.
Fraction of Income towards Rent: Myrtle Beach SC, South Carolina, US
Historical Data for Annual Rent as a Fraction of Income in Myrtle Beach South Carolina
| Date | US | South Carolina | Myrtle Beach, SC |
|---|---|---|---|
| 2019 | 20.03% | 19.68% | 21.40% |
| 2018 | 20.50% | 20.46% | 21.71% |
| 2017 | 20.13% | 20.12% | 22.63% |
| 2016 | 20.43% | 20.39% | 22.93% |
| 2015 | 20.63% | 20.81% | 22.11% |
| 2014 | 20.89% | 20.98% | 22.39% |
| 2013 | 20.78% | 20.81% | 22.35% |
| 2012 | 20.65% | 20.99% | 24.24% |
| 2011 | 20.70% | 20.99% | 24.88% |
| 2010 | 20.50% | 20.79% | 22.52% |
| 2009 | 20.12% | 19.96% | 23.38% |
| 2007 | 18.66% | 17.86% | 20.92% |
| 2005 | 18.89% | 18.65% | 21.01% |
Renter Fraction in Myrtle Beach South Carolina
You can calculate the renter fraction in Myrtle Beach in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Myrtle Beach as a fraction of total Myrtle Beach households. In 2019 24.18% of households were renters according to Census ACS data.
Myrtle Beach Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| South Carolina | 29.73% | -1.00% | -1.64% |
| Myrtle Beach, SC | 24.18% | +0.88% | -4.18% |
Trends in the Myrtle Beach, SC Renter Fraction
The Myrtle Beach household renter fraction peaked in in 2012 at 33.05% and is now 8.87% below that level. From a recent low of 23.30% in 2018, the household based renter fraction has now grown by 0.88%. The origin year for the series is 2005.
Fraction of Renting Households: Myrtle Beach SC, South Carolina, US
History of Myrtle Beach Renter Fraction
| Date | US | South Carolina | Myrtle Beach, SC |
|---|---|---|---|
| 2019 | 35.89% | 29.73% | 24.18% |
| 2018 | 36.05% | 30.73% | 23.30% |
| 2017 | 36.13% | 31.25% | 26.96% |
| 2016 | 36.88% | 31.37% | 28.36% |
| 2015 | 36.97% | 31.87% | 28.88% |
| 2014 | 36.90% | 31.95% | 29.37% |
| 2013 | 36.50% | 31.83% | 29.10% |
| 2012 | 36.09% | 31.87% | 33.05% |
| 2011 | 35.42% | 30.83% | 30.33% |
| 2010 | 34.65% | 31.30% | 29.57% |
| 2009 | 34.13% | 29.86% | 27.74% |
| 2007 | 32.80% | 29.96% | 27.01% |
| 2005 | 33.10% | 29.91% | 31.27% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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