Myrtle Beach Vacation Rental Market

[Beth L.]

Hello All,

We are considering purchasing a condo in the North Myrtle Beach area to use mainly as a vacation rental, and some limited use ourselves. I would like to pick the brains of the locals and those with vacation rentals to see what the current market is like right now. It seems that the inventory is huge and prices seem reasonable. Can anyone provide some insight in this area?

I am also interested in knowing all the hidden fees and other unknowns. I am not familiar with this area.

Thank you!

[Chris Haas]

I recently purchased two. My reality is (and was going in), your goal should be close to break even. If you have expectations of a great return you will likely be disappointed. I am across the street from the beach, however many ocean front have very high HOA fees. Now many of those do cover your H06 insurance, electric, water so it's more of an all in, but the fees can be $400-500 per month for a 1 bedroom, on up to $1200 for a 3 or 4 bedroom. Also the financing can be tricky as most are classified as condo-tels meaning they have a front desk and onsite property management. Just something to be aware of as you won't get a 4% loan with a condo-tel. That said, I felt for me personally the limited use of the units, the tax benefits and the rental income were enough of a combination benefit for me to pull the trigger. Best of luck.