Myrtle Beach, South Carolina Short-Term Rental Market Overview
Visitor Profile
Myrtle Beach, South Carolina, attracts approximately 20 million visitors annually, making it one of the most popular tourist destinations in the United States. The visitor demographics reveal a diverse mix, with a significant portion of travelers aged 25-54, often consisting of families and couples seeking leisure and relaxation. The primary reasons for visiting include beach activities, golf, and entertainment, contributing to the area’s vibrant tourism economy. With an estimated economic impact of over $7 billion, Myrtle Beach tourism statistics underscore the importance of this sector to the local community.
A comprehensive visitor analysis shows that the majority of tourists hail from nearby states, particularly North Carolina, Virginia, and Georgia. The average length of stay is around 4-5 days, with peak seasons occurring during the summer months, particularly June through August. According to the tourism bureau (https://www.visitmyrtlebeach.com), the area experiences a notable increase in visitors during holidays and school breaks, which drives demand for accommodations and attractions. Families with children represent a significant demographic, often seeking family-friendly activities such as amusement parks and water sports. Additionally, the area has seen a rise in younger visitors, particularly millennials, who are drawn to the nightlife and social events. STR (short-term rental) operators benefit from these trends, as the demand for diverse lodging options continues to grow. The visitor statistics report (https://www.myrtlebeachareachamber.com) highlights that the hospitality sector remains a crucial component of the local economy, with ongoing investments in infrastructure and attractions aimed at enhancing the overall visitor experience.
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Top Attractions
Myrtle Beach, South Carolina, is a vibrant coastal destination known for its stunning beaches, lively boardwalk, and a plethora of attractions that cater to all ages. Visitors can explore the iconic Myrtle Beach SkyWheel, a towering Ferris wheel that offers breathtaking views of the Atlantic Ocean. Families can enjoy a day at the Ripley’s Aquarium, where they can marvel at diverse marine life. With a mix of outdoor adventures, cultural experiences, and family-friendly activities, Myrtle Beach attractions promise unforgettable memories for everyone. Whether you’re seeking relaxation on the sandy shores or excitement at amusement parks, this destination has something for everyone. Read on to discover the top things to do in Myrtle Beach.
One of the must-visit attractions is the Myrtle Beach Boardwalk, a bustling promenade lined with shops, restaurants, and entertainment options. Stretching along the oceanfront, the boardwalk is perfect for leisurely strolls and people-watching. For those interested in marine life, Ripley’s Aquarium (https://www.ripleyaquariums.com/myrtle-beach) offers an immersive experience with interactive exhibits and a chance to see sharks up close. Another highlight is the Broadway at the Beach, a massive entertainment complex featuring attractions like the WonderWorks amusement park and the Hollywood Wax Museum. This vibrant area also hosts a variety of dining and shopping options, making it a great spot for families. For a unique outdoor experience, visit the Brookgreen Gardens (https://www.brookgreen.org), a stunning sculpture garden and wildlife preserve that showcases the beauty of nature and art. With so many Myrtle Beach things to do, visitors will find endless opportunities for fun and exploration.
Regulations
Myrtle Beach short-term rental regulations are essential for property owners looking to navigate the local landscape of vacation rentals. The city has implemented specific guidelines to ensure that short-term rentals operate within the framework of safety, zoning, and taxation. Property owners must obtain a business license and register their rental with the city. Additionally, they are required to collect and remit a 13% accommodation tax, which includes a 3% local tax and a 10% state tax. Zoning restrictions may limit where short-term rentals can operate, and compliance with safety requirements, such as smoke detectors and fire extinguishers, is mandatory. Understanding these regulations is crucial for successful property management in Myrtle Beach.
To operate a short-term rental in Myrtle Beach, property owners must first secure a business license from the City of Myrtle Beach. This license must be renewed annually, and failure to do so can result in penalties. The city enforces a 13% accommodation tax on all short-term rentals, which must be collected from guests and submitted to the South Carolina Department of Revenue by the 20th of each month following rental activity. Zoning regulations dictate that short-term rentals are only permitted in designated areas, and property owners should verify their property’s zoning classification. Safety requirements include having working smoke detectors and fire extinguishers readily available. Violations of these regulations can lead to fines and potential revocation of the rental license. For more detailed information, visit the City of Myrtle Beach’s official website (https://www.cityofmyrtlebeach.com) and review the municipal code (https://library.municode.com/sc/myrtle_beach/codes/code_of_ordinances).
Vacation Rental Market Overview for Myrtle Beach
Myrtle Beach attracts visitors with its beaches and waterfront activities and outdoor recreation and natural beauty. The short-term rental market here serves diverse traveler demographics, from business professionals to family vacationers.
This destination’s rental market offers unique opportunities for property investors, with comprehensive data revealing seasonal patterns and demand drivers.
Myrtle Beach, South Carolina Market Performance Trends
Short-Term Rental Market Performance Analysis for Myrtle Beach
The short-term rental market in Myrtle Beach demonstrates dynamic pricing patterns and occupancy trends that savvy property investors and managers monitor closely. This comprehensive 12-month analysis reveals seasonal variations and revenue optimization opportunities.
Market Trend Summary
Current market indicators show: strong seasonal variation with peak summer demand
Market data updated daily. Professional-grade analytics trusted by thousands of property managers and real estate investors.
Myrtle Beach, South Carolina Rental Market Insights
10-Year Market Growth
Booking Activity
- 1-3 Months:64.2% Booked
- 4-6 Months:58.7% Booked
- 7-9 Months:48.9% Booked
- 10-12 Months:7.7% Booked
Cancellation Policies
- Flexible:16.1%
- Moderate:23.5%
- Strict:49.1%
- Super Strict:49.1%
- N/A:3.3%
Minimum Stay
- 1 Day:1,963
- 2 Days:2,155
- 3 Days:967
- 4-6 Days:260
- 7-29 Days:220
- 30+ Days:102
Short-Term Rental Regulations and Booking Patterns in Myrtle Beach
Myrtle Beach vacation rental operators navigate specific local regulations and booking patterns that shape market dynamics. Understanding minimum stay requirements, cancellation policies, and booking windows is essential for successful property management.
Market analysis reveals flexible booking policies attracting last-minute travelers. These insights help property managers optimize their listing strategies and maximize occupancy.
Local regulations and platform policies influence rental operations. StaySTRA provides comprehensive policy tracking and compliance insights.
Myrtle Beach, South Carolina Rental Market Composition
Entire Place by Beds
Common Rental Amenities
Vacation Rental Property Types in Myrtle Beach
The vacation rental market in Myrtle Beach features a diverse mix of property types, from cozy studios to spacious family homes. Understanding the property composition helps investors identify market gaps and opportunities.
Market characteristics include a balanced mix of entire homes and private rooms. This distribution reflects local demand patterns and traveler preferences.
Premium amenities and guest ratings play a crucial role in rental performance, with data showing clear correlations between specific features and booking rates.
More Locations In South Carolina
- Anderson
- Bluffton
- Cayce
- Chapin
- Charleston
- Georgetown
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- Hilton Head Island
- Isle Of Palms
- Johns Island
- Laurens
- Mount Pleasant
- North Myrtle Beach
- Okatie
- Pawleys Island
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