As we head into 2023, I thought it would be good to give an update on what is happening in the STR market here in Hilton Head, specifically with condos.

The price of condos have continued to stay high, and they do not seem to be coming down anytime soon. Prices are between 15-20% higher than at the end of 2021. We still have a solid demand and not enough supply.

The key to STR's now is staying on top of what is happening in the marketplace. As an example, we have multiple investors that own properties in the same complex. One investor is bringing in $35,000 and another is bringing in $50,000 for very similar units. The investor doing higher numbers is using an aggressive property manager and renting for fewer minimum nights, but pulling nightly rates. I think that speaks to what is happening in this market. People are coming for shorter stays, but are willing to spend a little more money for fewer nights.