Occupancy of apartments in the Myrtle Beach area has improved to 92.3 percent in the last year, according to an apartment market research company, and rents have risen along with it.
Real Data reported that rental rates are up 5.8 percent in the last 12 months to the current average monthly rent of $859.
The company said the strongest rental market is along U.S. 501 and that three complexes are under construction with two more proposed. At least some of the development along 501 likely is in response to growth at Coastal Carolina University, but an 11-building complex of 276 new apartments is planned for the Market Common area as well.
Real Data forecasts a continued healthy demand for rental units in the area as is the case throughout the Southeast. The occupancy rate in the Myrtle Beach area should stay in the 92 percent to 93 percent range, Real Data said.
It expects rent growth to slow but remain healthy.