Multifamily recovery is underway in Myrtle Beach, South Carolina, as new supply hasn't hit the market for at least two straight quarters — offering landlords major relief. Still, the market remains overbuilt, according to a report from Colliers.
Not only were there no deliveries, but construction was also nonexistent for at least both the first quarter of 2026 and the last three months of 2025. This comes after "several years of non-stop construction," according to Colliers.
The result of the shift is a major gain in occupancy, which shot up by 320 basis points year-over-year to 83.60 percent in the first quarter. Rentals are filling up more in coastal submarkets versus inland ones.
"With fewer projects coming online, the region is beginning to see increasing occupancy, as recently delivered units are now being absorbed, Colliers said.
Speaking of absorption, Myrtle Beach multifamily saw positive demand of 310 units, although down from the 430 units posted in the same period a year ago. The North Myrtle Beach and South Horry County submarkets dominated the demand, with absorption of 113 and 86 units, respectively.
Still, average asking rents contracted from $1,627 to $1,598. That tells you that the solid demand is coming with a trade-off: to fill more apartments, Colliers said landlords have been forced to concede 1-2 months of free rent. Particularly, newly built rentals remain below market averages.
Overall, Colliers warns that while pressure is easing on landlords — the market remains overbuilt — with the newest inventory sitting in "outlying submarkets." It added, "stability remains distant."
On the bright side, the supply trends are expected to continue, with Colliers projecting no deliveries in the near term.
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