Rent’s exploded in Conway, Myrtle Beach and North Myrtle Beach. Here’s how much

If you’ve noticed your rent go up in recent years in Myrtle Beach, you’re not alone. It’s a broader Grand Strand trend, and according to one report, the area is one of the most expensive regions in America to pay rent in.

USA Today released a report May 21, 2024, using data obtained from Rent. that examined the top 100 regions of America with the highest rents and the most dramatic payment increases between 2020 and 2024. Rent.’s data found that renters in the Conway, Myrtle Beach, and North Myrtle Beach areas paid around $1,248 in February 2020 and $1,797 in February 2024, an increase of more than 44 percent in that four-year period.

For context, the Conway, Myrtle Beach and North Myrtle Beach area’s February 2024 rent ranked 31st out of 100 most expensive regions in Rent.’s data — the region’s 44 percent increase in rent between 2020 and 2024 ranked 43rd out of 100.

The Grand Strand’s rent increase is comparable to the 45 percent uptick between 2000 and 2024 in the Durham-Chapel Hill area. Wilmington, N.C. residents also paid $1,797 for rent in February 2024, according to Rent.’s data.

Indeed, several factors converging on the Myrtle Beach area might be contributing to Rent.’s findings. While new construction is still thriving along the Grand Strand and more development is receiving consideration, the real estate market is short on supply due to hesitancy to put properties on the market. Myrtle Beach’s real estate market in 2024 and 2023 was considerably cooler than in previous years.

Furthermore, the Myrtle Beach area is attracting more retirees with the prospect of a warm climate and less extreme weather events than traditional retirement destinations like Florida. Retirees, who have more money than other home buyers and renters, could also contribute to the rise in rent prices.

New apartment complexes opening along the Grand Strand also emphasize high-end quality of living, with amenities like pools and dog parks that entice renters and raise rent.