More than 650 build to rent homes were completed across the Grand Strand metro area in 2023. RentCafe.com‘s latest annual study shows 2023 numbers, placing Myrtle Beach 6th nationwide.
*Build-to-rent homes are single-family houses built for renting purposes.
Read on for more interesting insights for Myrtle Beach:
- 651 build-to-rent (BTR) homes were completed in 2023 in Myrtle Beach – 41% more than the previous year.
- Myrtle Beach is home to a large new stock of build-to-rent homes. Almost all of its rental homes (991 out of 1,181) were built in the last five years, marking a staggering 522% increase.
- The future seems bright: Myrtle Beach has 772 BTR units currently in the works, expected to be completed by 2026.
- Nationwide, 2023 was the strongest year on record for this niche. Phoenix stands out for the largest number of units completed last year, followed by Dallas, Atlanta and Austin. More so, a record-breaking 45,500 homes are now under construction across the country.
With the rapid influx of illegal immigrants moving into the area, supported by the Myrtle Beach Area Chamber of Commerce, this niche serves an emerging need.
The tourist industry, as well as, the construction industry each desire these low wage workers to leverage their business needs.
Real Estate concerns make up the largest components of the Myrtle Beach Area Chamber of Commerce.
It is estimated that 30,000 illegal immigrants have been imported to the Myrtle Beach through an NGO called New Americans Program. The program has the support of the Myrtle Beach Area Chamber of Commerce, which receives $54 million in annual tax subsidies to promote their industry.