Department of Numbers

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 $894 in 2016 according to the Census ACS survey.1 Average gross rent in Myrtle Beach was $838 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Myrtle Beach median and average rent data will be released in September of 2018.

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.

Show dollars as: Nominal Real

Real Gross Rent in Myrtle Beach South Carolina (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
South Carolina Median Gross Rent $841 +1.33% +9.22%
Myrtle Beach, SC Median Gross Rent $894 +1.13% +9.56%

Myrtle Beach, SC Real Gross Rent Trends

At $894, real median gross rent in Myrtle Beach was at its highest level in 2016 since the series began in 2005. Average gross rent for Myrtle Beach peaked in real terms in 2015 at $861 and is now $23 (2.67%) lower.

Real Gross Rent in Myrtle Beach: Myrtle Beach SC Median, Myrtle Beach SC Average, South Carolina Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Myrtle Beach

Date US
Median
South Carolina
Median
Myrtle Beach, SC
Median
Myrtle Beach, SC
Average
2016 $981 $841 $894 $838
2015 $972 $830 $884 $861
2014 $942 $798 $828 $826
2013 $910 $770 $816 $760
2012 $898 $766 $828 $787
2011 $898 $764 $829 $827
2010 $912 $777 $832 $803
2009 $916 $768 $876 $827
2008 $932 $763 $870 $821
2007 $885 $724 $845 $793
2006 $895 $751 $856 $813
2005 $869 $729 $811 $766

Myrtle Beach Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Myrtle Beach South Carolina was 28.54% according to Census ACS data.

Rental Vacancy Rate in Myrtle Beach South Carolina

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
South Carolina 8.49% -0.96% -2.05%
Myrtle Beach, SC 28.54% +0.80% -8.51%

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 11.77% to 28.54%. Data records for this series originated in 2005.

Rental Vacancy Rate: Myrtle Beach SC, South Carolina, US

Rental vacancy rate in South Carolina

Historical Rental Vacancy Rate data for Myrtle Beach

Date US South Carolina Myrtle Beach, SC
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%
2008 7.86% 12.38% 28.55%
2007 7.87% 11.99% 32.23%
2006 7.70% 11.42% 23.44%
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 22.93% in 2016 according to the ACS.

Myrtle Beach South Carolina Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
South Carolina 20.39% -0.42% -0.43%
Myrtle Beach, SC 22.93% +0.82% +0.58%

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 1.95% to 22.93%.

Fraction of Income towards Rent: Myrtle Beach SC, South Carolina, US

Percent of median household income going towards median monthly gross rent in Myrtle Beach South Carolina

Historical Data for Annual Rent as a Fraction of Income in Myrtle Beach South Carolina

Date US South Carolina Myrtle Beach, SC
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%
2008 19.00% 18.15% 21.80%
2007 18.66% 17.86% 20.92%
2006 18.90% 18.69% 21.46%
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 2016 28.36% of households were renters according to Census ACS data.

Myrtle Beach Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
South Carolina 31.37% -0.50% -0.46%
Myrtle Beach, SC 28.36% -0.52% -0.74%

Trends in the Myrtle Beach, SC Renter Fraction

The Myrtle Beach household renter fraction peaked in in 2012 at 33.05% and is now 4.69% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Myrtle Beach SC, South Carolina, US

Fraction of renters in Myrtle Beach

History of Myrtle Beach Renter Fraction

Date US South Carolina Myrtle Beach, SC
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%
2008 33.36% 29.42% 29.61%
2007 32.80% 29.96% 27.01%
2006 32.73% 29.66% 30.22%
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.