The high supply continues to provide turbulence to multifamily landlords in Myrtle Beach, South Carolina — but the pain may soon be coming to an end.
It comes from Colliers' first quarter market report, which showed occupancy plunged by 164 basis points year-over-year to 79.86 percent in the first three months of 2025. The category was at its lowest level in North Myrtle Beach, which averaged 76.26 percent.
Additionally, while net absorption remained positive at 340 units, it was cut nearly in half from the 677 posted a year ago. Also, rents dropped by $24 to $1,627, as landlords increase concessions.
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The negative results in the two categories come as an influx of multifamily product has hit Myrtle Beach over the past few years. In the first quarter, deliveries totaled 908, up from the 818 from 12 months prior.
"Developers and owners continue to absorb the shock of a massive construction cycle totalling nearly 10,000 units over the past four years as it finally nears an abrupt conclusion in Q2," Colliers
"While units delivered in 2022 and 2023 have largely stabilized, deliveries from 2024 remain just 48% occupied as employees nationally return to the office, slowing absorption by a steady stream of remote workers."
However, Colliers shared some good news — forecasting that occupancy will hit its "cyclical low" by the third quarter. This is because the majority of the remaining under-construction properties will deliver in the second quarter, according to the CRE firm.
Sales activity in the first quarter was "halted," according to Colliers. Over the past year, mostly older and smaller properties have traded hands. The top recent sale involved 664-unit 305 Brookfield Drive, which went for $79.5 million. That was followed by 300 Bellamy Ave, selling for $28.4 million.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
