Over the past decade, coastal South Carolina has emerged as one of the most dynamic growth corridors in the southeastern United States. At the center of this expansion is Myrtle Beach, a city long associated with tourism but increasingly recognized as a permanent residential hub. Myrtle Beach Population Growth & Rental Market Expansion Rising demand for apartments with modern interior design in Myrtle Beach reflects shifting renter expectations toward contemporary finishes, open layouts, and lifestyle-oriented living environments.
Once viewed primarily as a vacation destination, Myrtle Beach has transitioned into a year-round economic engine supported by healthcare, hospitality, retail, and service industries. Apartment communities such as The Veranda at Market Common benefit directly from these structural shifts, experiencing strong rental absorption rates and consistent leasing demand fueled by sustained population growth.
Demographic Expansion in Coastal South Carolina
According to U.S. Census Bureau data, the Myrtle Beach metropolitan area ranks among the fastest-growing regions in South Carolina. Population growth has been driven by several key factors:
- Migration from higher-cost northern states
- Retirement relocation
- Employment expansion in tourism and healthcare
- Remote work flexibility enabling coastal living
This influx of new residents has increased housing demand across all sectors, particularly rental housing.
Within Myrtle Beach Population Growth & Rental Market Expansion, demographic growth functions as the primary driver of sustained real estate performance.
Coastal Migration Trends
Coastal migration trends reflect broader national preferences for lifestyle-oriented living environments. Warmer climates, access to beaches, and lower cost-of-living advantages compared to major metropolitan areas make Myrtle Beach especially attractive.
Many new residents originate from:
- Northeastern states
- Midwestern cities
- High-cost urban markets
South Carolina Department of Commerce reports highlight the state’s business-friendly climate and favorable tax structure as contributing factors.
Coastal migration → Increased rental demand → Housing supply expansion
The steady influx of newcomers strengthens long-term market stability.
Retirement Migration and Housing Demand
Retirement migration represents one of Myrtle Beach’s most significant demographic drivers. Retirees often seek:
- Mild year-round weather
- Lower housing costs
- Recreational opportunities
- Proximity to healthcare facilities
While some retirees purchase homes, many opt for rental housing to maintain flexibility and reduce maintenance responsibilities.
Multifamily communities benefit from this demand segment by offering:
- Low-maintenance living
- Community engagement opportunities
- Proximity to retail and medical services
Retirement migration → Steady occupancy rates → Long-term rental resilience
Workforce Housing and Employment Expansion
In addition to retirees, Myrtle Beach’s workforce population continues to expand. The Bureau of Labor Statistics identifies strong employment growth in:
- Hospitality and tourism
- Healthcare services
- Retail trade
- Construction and infrastructure
As employment opportunities diversify, workforce housing demand increases correspondingly.
Apartment communities such as The Veranda provide accessible options for professionals seeking proximity to employment centers along Highway 17 and throughout the Grand Strand.
Workforce growth → Rental absorption rates → Sustained multifamily performance
Remote Work Relocation Trends
Remote and hybrid work arrangements have significantly influenced housing patterns nationwide. Many professionals no longer require daily proximity to major urban centers.
Myrtle Beach’s appeal to remote workers includes:
- Coastal lifestyle advantages
- Affordable rental rates relative to larger metros
- Access to high-speed internet infrastructure
- Walkable mixed-use districts like Market Common
Remote relocation → Broader renter demographic → Increased rental flexibility
This shift expands the tenant pool beyond traditional tourism and local workforce segments.
Rental Absorption and Multifamily Performance
Marcus & Millichap multifamily market reports indicate that population growth directly correlates with rental absorption rates.
Strong absorption is characterized by:
- Faster lease-up periods
- Reduced vacancy rates
- Stable or increasing rental pricing
As new residents enter the Myrtle Beach metro, multifamily communities experience consistent demand.
Within Myrtle Beach Population Growth & Rental Market Expansion, absorption metrics reflect demographic momentum rather than speculative development.
Coastal Desirability and Long-Term Stability
Unlike volatile boom-and-bust markets, Myrtle Beach’s growth reflects diversified demand drivers. Coastal desirability provides a long-term competitive advantage.
Key lifestyle attributes include:
- Beach access
- Recreational boating and fishing
- Golf courses
- Cultural and entertainment venues
These lifestyle assets are not easily replicable, contributing to durable demand.
Coastal desirability → Stable long-term market → Investment confidence
Investors often view coastal growth markets as relatively resilient during economic cycles due to consistent lifestyle appeal.
Balanced Suburban Setting and Broader Appeal
Myrtle Beach offers a balance between urban amenities and suburban comfort. Communities like Market Common combine:
- Walkable retail districts
- Residential density
- Green space and parks
- Access to major transportation corridors
This balanced environment appeals to diverse demographics, including:
- Young professionals
- Families
- Retirees
- Remote workers
Balanced suburban setting → Broader demographic reach → Occupancy stability
The Veranda at Market Common exemplifies this hybrid positioning.
Housing Supply and Competitive Dynamics
As demand increases, housing supply naturally follows. New multifamily construction responds to:
- Rising population
- Expanding employment base
- Increased household formation
National Association of Home Builders (NAHB) data indicates that South Carolina remains one of the top states for residential construction growth.
However, steady in-migration supports new supply absorption, preventing severe oversaturation.
Supply growth + population growth → Balanced market conditions
Economic Diversification and Market Resilience
Historically reliant on tourism, Myrtle Beach has broadened its economic base. Healthcare expansion and service sector growth diversify income streams.
Economic diversification reduces reliance on seasonal tourism cycles and strengthens year-round housing demand.
Within Myrtle Beach Population Growth & Rental Market Expansion, economic resilience reinforces rental stability.
Investment and Development Implications
For developers and investors, population growth signals opportunity. Multifamily assets in expanding coastal markets benefit from:
- Strong leasing pipelines
- Potential rental rate appreciation
- Long-term capital appreciation
- Reduced vacancy volatility
Infrastructure improvements and transportation corridor development further enhance real estate attractiveness.
Population growth → Increased rental demand → Sustainable development pipeline
Future Outlook for Myrtle Beach
Looking forward, Myrtle Beach is likely to continue experiencing moderate-to-strong growth driven by:
- Continued retirement migration
- Remote work trends
- Tourism sector expansion
- Infrastructure investments
The challenge for policymakers and developers will be balancing affordability with quality development.
Apartment communities positioned within mixed-use districts and near transportation corridors are likely to outperform isolated developments.
Conclusion
Myrtle Beach has evolved from a seasonal tourism center into a thriving residential market supported by sustained demographic and economic expansion. Myrtle Beach Population Growth & Rental Market Expansion illustrates how coastal migration trends, retirement relocation, workforce housing demand, and remote work flexibility collectively drive multifamily performance.
Population growth increases rental demand, coastal desirability ensures long-term stability, and balanced suburban environments broaden demographic appeal. Communities such as The Veranda at Market Common benefit directly from these structural forces, experiencing steady absorption and strong occupancy.
As South Carolina continues attracting new residents, Myrtle Beach stands poised to maintain its position as one of the region’s most dynamic and resilient rental housing markets.
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