Last updated on June 21st, 2023
airbnb property investment North Myrtle Beach
North Myrtle Beach is a popular holiday destination for families in South Carolina where both visitors and locals can enjoy barefoot strolls at the beach while enjoying the stunning sea view and sunsets.
Thanks to the subtropical weather that North Myrtle Beach has, visitors, can easily enjoy outdoor activities all year round. But while the city offers many leisure options, the activities that stand out the most here are the sun and beach tourism, golf and fishing.
North Myrtle Beach can easily catch investors’ attention, so it’s understandable if you are considering purchasing a property for Airbnb here. But first, it is important to analyze the major costs, revenue and yield accurately to know if this is a profitable city to invest in.
Based on Zillow Home Value, in North Myrtle Beach, home values have gone up 22.8% compared to last year and the average house price is $406K.
Aside from looking at a property’s proximity to major tourist areas, and accessibility to the best go-to places, the primary step is to determine profitability. In this article, we’ll feature North Myrtle Beach and discover whether it’s profitable for Airbnb investment. This includes the best website recommendations for property investment, defining property gross rental yield, cash-on-cash return, and annual revenue, along with some of the most ideal and profitable properties according to their location. Stocked to learn more? Continue reading!
airbnb property for sale Scranton
Top Reasons for Buying An Airbnb in North Myrtle Beach
It’s a fact that North Myrtle Beach is a popular holiday destination in South Carolina, but what else is there to know? Here are some of the major reasons why you should consider buying a property for Airbnb in this city:
1. Livability
Among other US cities, the livability in North Myrtle Beach is above average. According to Citytistics, the city has scored 67/100 in terms of having a good standard quality of life compared to other cities.
2. Affordable Cost of Living
Don’t let North Myrtle Beach’s popularity make you think that this city has a high cost of living because it’s not like that. Here, the cost of living is 8% lower than the national average, on top of that, housing expenses are 32% lower according to Payscale.
In addition, in North Myrtle Beach the housing market is cheaper compared to Myrtle Beach, so investors can find houses at a reasonable price. Property taxes are also low (4% for primary residences and 6% for secondary residences and vacation homes).
3. High Rental Demand
As a well-known holiday destination, North Myrtle Beach welcomes a great number of tourist arrivals, especially families with children looking for a quiet place to spend their days. Hence, short-term rentals as well as hotel rooms have high demand, particularly during the peak seasons of June – August.
Is Property Investment Profitable in North Myrtle Beach?
Using an Airbnb estimator, it was discovered that a 2-bedroom apartment in North Myrtle Beach can generate an annual revenue of $58,156 with a steady occupancy rate of 73% and a nightly rate of $146.
airbnb property investment North Myrtle Beach
Waterfront Homes for Sale in North Myrtle Beach, SC
Finding the best properties that have the potential to produce high yields and capital growth are certainly some of the preferences of major investors. You can search for profitable properties in North Myrtle Beach in attractive areas like Windy Hills and Crescent Keyes. However, it’s always best to ask for assistance from real estate agents to access exclusive and unique properties during the development stage.
At the same time, it’s even better when a property investor like you conducts research about predicted growths and market forecasts. Here are some North Myrtle homes for sale along with the calculated gross rental yield, cash-on-cash return, and annual revenue.
305 S Ocean Blvd, North Myrtle Beach, SC 29582
1. Studio-type Property for Sale North Myrtle Beach
- 0.1 miles to Ocean Drive Elementary
- Asking Price: $6,995
| GROSS RENTAL YIELD | 61.00% |
| ANNUAL REVENUE | $4,267 |
| CASH ON CASH RETURN | 157.23% |
150 Riptide Cir, North Myrtle Beach, SC 29582
2. 1-Bedroom Type Property for Sale North Myrtle Beach
- 0.9 miles to Ocean Drive Elementary
Asking Price: $99,000
| GROSS RENTAL YIELD | 22.48% |
| ANNUAL REVENUE | $22,260 |
| CASH ON CASH RETURN | 41.69% |
930 Foxfire Dr, North Myrtle Beach, SC 29582
3. 2-Bedroom Type Property for Sale North Myrtle Beach
- 0.3 miles to North Myrtle Beach Middle School
- Asking Price: $149,000
| GROSS RENTAL YIELD | 21.87% |
| ANNUAL REVENUE | $32,585 |
| CASH ON CASH RETURN | 39.84% |
1504 Embers Dr, North Myrtle Beach, SC 29582
4. 3-Bedroom Type Property for Sale North Myrtle Beach
- 0.6 miles to Ocean Drive Elementary
- Asking Price: $185,000
| GROSS RENTAL YIELD | 24.80% |
| ANNUAL REVENUE | $45,879 |
| CASH ON CASH RETURN | 48.63% |
704 29th Ave S, North Myrtle Beach, SC 29582
5. 4-Bedroom Type Property for Sale North Myrtle Beach
- 3.6 miles to Ocean Drive Elementary
- Asking Price: $299,900
| GROSS RENTAL YIELD | 26.25% |
| ANNUAL REVENUE | $78,484 |
| CASH ON CASH RETURN | 52.98% |
Conclusion
Investing in a property is certainly a huge step that one needs to not only think about – but also conduct market research for accuracy. With many outdoor activities, picturesque beaches and lively nightlife in North Myrtle Beach, the city can generate a nice cash flow for property investors as long as the right neighborhood is targeted and potential revenue is calculated using an Airbnb rental arbitrage calculator. While there are many other cities to invest in South Carolina aside from North Myrtle Beach, it’s definitely worth the time & effort to speak with a short-term rental expert to make the wisest decision for property investment.
