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Myrtle Beach Opens New Apartment Complex Amid Rental Concerns

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Construction site of Mason Myrtle Beach Apartments

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

$7.6 million in taxes and fees. That’s a lot of cash!

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

Ivystone Apartments have expressed their worries about being forced to move due to new management hiking up rents. Many tenants are feeling uneasy as they face uncertainty with rental increases, especially since some units have only been partially renovated. It raises a lot of eyebrows when these changes are communicated via social media instead of through formal channels from property management.

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

Deeper Dive: News & Info About This Topic

HERE Resources

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New Developments Approved in Myrtle Beach: Waypoint Apartments and Extended Stay America
Myrtle Beach Rents for One-Bedroom Apartments Fall Below $1,000
Greenville Welcomes New Flathouse Studios: A Trendy Living Experience!
Discover Scotland’s Golf Coast: A Golfer’s Dream Destination
Developments in South Carolina’s Construction Scene
Myrtle Beach Rental Prices Dip Below $1,000
Myrtle Beach Average Rent Falls Below $1,000 for First Time in Three Years
Greenville Approves Gateway Project for Downtown Revitalization

Additional Resources

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