Myrtle Beach rent increases over 20% from last year; 6% last month

MYRTLE BEACH, SC (WBTW) – Rental prices in Myrtle Beach have jumped more than 20% in the past year, according to a study by Apartment List.

“The average salary increase in the United States is currently 2.5%, so 2.5% does not match the 21% increase in the cost of living,” said Kathy Jenkins, CEO of New Directions .

Comparing the cost of rent in Myrtle Beach from last year to today, apartment listing reports show a drastic increase.

“Myrtle Beach, if you look at all of the markets in our data, is definitely near the top of the hottest markets for rent growth. 20% is really unheard of for a normal year, ”said Igor Popov, chief economist at Apartment List.

According to Popov, Myrtle Beach saw its rent increase by 6% last month.

“I think the housing market is wild right now to be completely honest, and it’s really being felt by tenants,” he said.

And for local homeless shelters like New Directions of Horry County, the challenge for their clients is the lack of affordable housing.

“With the rising costs of housing, it is much more difficult for our clients to access long-term sustainability and independent living,” Jenkins said.

According to other renters, it’s extremely difficult to find a safe and affordable place to stay here in Myrtle Beach. They say if it’s a nice neighborhood, most people need two or 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 rise much faster than supply in the rental market,” Popov said. .

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