News Summary
Myrtle Beach has announced the construction of a new 360-unit apartment complex, Mason Myrtle Beach Apartments, aimed at addressing the rising housing demand. The complex features modern amenities like a large swimming pool and clubhouse. With average rents showing a decline, concerns persist about affordability and recent management practices at existing rental properties. City officials are also considering regulations on short-term rentals to mitigate potential tourism revenue loss. The development arises amidst a dynamic rental market, highlighting ongoing challenges for both potential tenants and current residents.
Myrtle Beach Welcomes New Apartment Complex Amid Rental Market Concerns
Exciting news is coming out of Myrtle Beach! The city has just given the green light for a brand new 360-unit apartment complex by the name of Mason Myrtle Beach Apartments. Located conveniently off Robert Grissom Parkway and Wild Iris Drive, this complex aims to meet the growing demand for housing in the area.
What’s in Store for Residents?
So, what should residents expect? This new community will consist of seven modern buildings, complete with a massive 2,705-square-foot swimming pool and a clubhouse for social gatherings and activities. This apartment complex won’t just be another building added to the streets; it’s designed to enhance the living experience in Myrtle Beach. With its location adjacent to Highway 17, it’s sure to be a hit for both commuters and local residents.
Understanding the Rental Market
Now, let’s talk money. Recent data has shown a drop in average rent for a one-bedroom apartment in Myrtle Beach. As of December 2023, you could snag one for around $974. However, if you’re looking in neighboring Horry County, the average is slightly lower at $930. But it doesn’t end there. Conversations with property managers reveal that many one-bedroom rentals might actually cost between $1,000 and $1,300, leading some to think that the average numbers published may not tell the whole story.
One possibility might be that the average rent data includes some occupied units with lower rents, which could skew the numbers for what you should realistically expect to pay. Whatever the reason, it’s clear that finding affordable housing is becoming more of a challenge here.
Short-Term Rental Regulations in the Mix
Additionally, the losses for private businesses linked to this conversion could be 20 to 50 times greater than what the city would lose, indicating just how serious the situation might get.
Concerns from Residents
For those with long-term leases, it appears they may not find much relief either. Often, negotiations or complaints from tenants might not be enough to stop the wave of rental increases that can come with new ownership. It’s a tough pill to swallow in an ever-shifting housing landscape.
Looking Ahead
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