Saturday, 23 February 2019
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This Old House - Do-it-Yourself

2019 Outlook for the Myrtle Beach Vacation Rental Market

Written by Posted On Monday, 11 February 2019 21:52

Realtor's most recent housing forecast for 2019 predicts that home prices will rise 2.2% nationally. Some large markets, like Las Vegas, NV and Denver, CO, will see greater increases, but for most of America, home prices will rise at a much slower pace than we’ve been seeing.

But what about the vacation rental market? What will matter most to guests? Will home prices affect the market?

Millennials Will Make Up a Large Percentage of the Market

Millennials, travelers in their late 20s and early 30s, will make up a large percentage of the market. They’re experienced travelers, and they know what they want. They’re flexible, but they’re looking for something a little different: rentals that will accommodate fewer vacation days and at a budget-friendly price.

Want to cater to millennials? Make sure that you offer:

  • Mobile services for all property-related interactions, including booking and making payments
  • Speedy Wi-Fi with plenty of bandwidth for streaming services

Rates and Prices May Impact the Number of New Rentals

Mortgage rates are expected to continue to rise, but home prices are expected to rise at a much slower pace. Some say we’re moving into a buyer’s market, which may mean that we’ll see more new rentals on the market. We may see prices of Myrtle Beach townhomes rise slightly, but not enough to deter investors from buying new vacation rental properties.

Renters are Looking for a Wider Range of Amenities

Renters are looking for a wider range of amenities, but they’re also looking for larger spaces. In 2019, searches for larger rental homes is expected to increase. Many extended families are traveling to Myrtle Beach as part of a multigenerational travel experience.

Renters are looking for more than just space; they also want more opportunities to do things within that space.

There are numerous ways to provide these opportunities without spending thousands of dollars on an addition.

  • Add a game room
  • Establish an outdoor picnic area
  • Add a jewelry-making station for shells collected on the beach
  • Create a reading or napping nook for those lazy summer afternoons

Renters are also looking for larger, open kitchen and dining areas that allow guests to mingle and socialize while cooking and eating.

Dining and Outdoor Attractions Will Matter

More travelers are looking for scenic nature sites to explore during their travels. Adventures abound in Myrtle Beach, so the area will certainly be popular with nature-seeking travelers.

To capitalize on the trend, marketing efforts could shift to focus on:

  • The area’s most popular kayak tours
  • Surfing, fishing, nature trails, equestrian facilities and Myrtle Beach State Park
  • Ripley's Aquarium
  • Safari tours at the area’s 50-acre tropical preserve

Food is also important to travelers. Myrtle Beach excels in this area, too. Focus on the area’s most popular establishments. Proximity to dining and nature sites will be important to travelers. Being just a short drive or walk away from restaurants, beaches or other nature sites will attract more travelers.

Finally, travelers want value over luxury. Providing a bottle of wine or a welcome basket may inspire your guests to return next year.

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James Stevenson

Hi, My name is James and I've been involved in the property and real estate industry for 10 years now. I hope people will like to read about my thoughts and experiences in the industry and please contact me if you want to discuss my articles further!

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