Last updated on June 22nd, 2023
Before investing in a property in South Carolina, it’s important to analyze your options and gauge your profitability based on Airbnb’s key metrics. In this article, we’ll feature the top 10 best areas to Airbnb in South Carolina along with their respective occupancy rates, monthly & yearly revenue, average daily rates (ADRs), and so much more!
Airbnb’s Trending Cities
Based on a recently released article about Airbnb’s top cities this summer of 2022, guests have searched for domestic summer destinations in the USA with over 10,000 searches. This simply means that vacationers are super ready to spend money and have fun under the sun! The travel demand has continuously recovered in comparison to pre-pandemic data.
Is Airbnb Profitable in South Carolina?
Based on our recent article about Airbnb occupancy rates by city, particularly in Myrtle Beach, an average 1 BD / BA apartment has a steady 48% occupancy rate and can generate $2,751 monthly! Short-term rentals in South Carolina can definitely be a source of passive income because of the many tourists visiting annually for Middleton Place and other tourist destinations.
To cut the story short, Airbnb is definitely profitable in South Carolina! For instance, based on an Airbnb income calculator, you can earn a whopping $55,343 annually in Charleston alone! This area is attracting millions of visitors from around the globe for attractions such as Charleston Harbor, The Charleston Museum, South Carolina Aquarium, and many more.Not yet convinced? Feel free to listen to one of our interviewees from Into The Airbnb Podcast – an Airbnb cohost from South Carolina:
Rental Arbitrage in South Carolina
If you want to start an Airbnb investment in South Carolina but are financially limited to purchasing your own property, don’t worry. You can still earn a passive income in two words: Rental Arbitrage! This refers to the practice of renting out properties for the sole purpose of sub-letting them on platforms such as Airbnb or HomeAway.
It may be a challenge to find landlords for Airbnb rental arbitrage since there are certain restrictions in other areas and other landlords simply do not allow it due to insurance policies. In addition to this, you also have to consider major factors in starting a rental arbitrage business in your preferred city. This includes rules & regulations, where to find the most profitable area, & how to find rental arbitrage properties.
Given the fact that South Carolina is a practical investment destination for property investors, you can always have the option to do Rental Arbitrage and earn money while you’re saving up to own a property.
Top 10 Most Profitable Cities & Neighborhoods for Airbnb in South Carolina
South Carolina offers excellent investment opportunities for property investors, so we went ahead and did the heavy work for you! Oftentimes, the struggle is targetting an entire city but missing out on a particular neighborhood that has an even greater chance of profitability!
Using Airbtics’ market analysis, we were able to accurately get a grasp of Airbnb demand in South Carolina and filtered the top 10 most profitable cities:
1. Charleston
- Occupancy Rate: 83%
- Annual Revenue: $55,343
- Average Daily Rate: $177
Based on Airbtics’ analytics tool, the best neighborhood in this area is Cannonborough Elliotborough, which has an average occupancy rate of 85%. An average Airbnb host can earn an average daily rate of $244 in this neighborhood!
2. Forest Acres
- Occupancy Rate: 76%
- Annual Revenue: $23,419
- Average Daily Rate: $88
Based on Airbtics’ analytics tool, the best neighborhood in this area is Downtown, which has an average occupancy rate of 86%. An average Airbnb host can earn an average daily rate of $81 in this neighborhood!
3. Sumter
- Occupancy Rate: 73%
- Annual Revenue: $18,076
- Average Daily Rate: $59
Based on Airbtics’ analytics tool, the best neighborhood in this area is Northwest Sumter, which has an average occupancy rate of 82%. An average Airbnb host can earn an average daily rate of $49 in this neighborhood!
4. Florence
- Occupancy Rate: 70%
- Annual Revenue: $21,556
- Average Daily Rate: $71
Based on Airbtics’ analytics tool, the best area in this city is Gregg – King Ave, which has an average occupancy rate of 75%. An average Airbnb host can earn an average daily rate of $72 in this neighborhood!
5. Spartanburg
- Occupancy Rate: 70%
- Annual Revenue: $26,297
- Average Daily Rate: $85
Based on Airbtics’ analytics tool, the best neighborhood in this area is Converse Heights, which has an average occupancy rate of 77%. An average Airbnb host can earn an average daily rate of $106 in this neighborhood!
6. Hilton Head Island
- Occupancy Rate: 70%
- Annual Revenue: $47,713
- Average Daily Rate: $161
Based on Airbtics’ analytics tool, the best neighborhood in this area is South Beach, which has an average occupancy rate of 87%. An average Airbnb host can earn an average daily rate of $146 in this neighborhood!
7. Rockhill
- Occupancy Rate: 77%
- Annual Revenue: $19,809
- Average Daily Rate: $76
Based on Airbtics’ analytics tool, the best neighborhood in this area is Downtown Rockhill, which has an average occupancy rate of 75%. An average Airbnb host can earn an average daily rate of $70 in this neighborhood!
8. Greenville
- Occupancy Rate: 67%
- Annual Revenue: $31,876
- Average Daily Rate: $120
Based on Airbtics’ analytics tool, the best neighborhood in this area is Downtown Greenville, which has an average occupancy rate of 71%. An average Airbnb host can earn an average daily rate of $104 in this neighborhood!
9. Columbia
- Occupancy Rate: 59%
- Annual Revenue: $24,489
- Average Daily Rate: $103
Based on Airbtics’ analytics tool, the best neighborhood in this area is Earlewood, which has an average occupancy rate of 71%. An average Airbnb host can earn an average daily rate of $109 in this neighborhood!
10. Myrtle Beach
- Occupancy Rate: 46%
- Annual Revenue: $25,769
- Average Daily Rate: $125
Based on Airbtics’ analytics tool, the best neighborhood in this area is Downtown Myrtle Beach which has an average occupancy rate of 68%. An average Airbnb host can earn an average daily rate of $145 in this neighborhood!
General Overview
Now that you have a deeper understanding of which particular area to target in South Carolina and some of the major Airbnb metrics to consider, don’t miss out on greater opportunities! Since Airbnb is rapidly increasing and constantly changing for each city in the world, it is crucial to make decisions based on wild guesses. The data points mentioned in this article such as Airbnb occupancy rates per city, annual revenue, and average daily rates should be your basis for investing in properties in South Carolina – or other cities with high occupancy rates!
Hence, an accurate data analytics tool can help your business stand out among your surrounding competitors and benchmark your property by tracking the occupancy rates of competing listings in your preferred city. With the help of our all-in-one analytics service, you can vastly enhance your monthly revenue, create a comparison for each neighborhood, add the appropriate amenities and so many more exciting features. Try Airbtics today and think of long-term profitability!
