08 Jul 2025
This week the Radius+ team identified the market in the state of South Carolina that has added the most supply in 2024 relative to total supply.
The Myrtle Beach-Conway-North Myrtle Beach, SC CBSA added 7.4% new supply in just 2024.
This recent supply growth shouldn’t come as too much of a shock as this market has grown its population and economy due to its favorable weather conditions, lower cost of living and growing tourism industry creating new jobs in the area and driving self storage demand with it.
Its fast growing job market and high quality of life offered at a reasonable price has helped make Myrtle Beach the fastest growing US City for the 3rd year in a row.
While the bloat of supply added in such a short period of time has affected the overall markets rental rate trends- flattening them out as the new deliveries are in lease up - the strong demand drivers have helped these market rates recover faster than other areas that have seen similar supply growth.
This could also be attributed to Myrtle Beach-Conway-North Myrtle Beach, SC CBSA strong demand surge during the summer as it is such a popular destination- I will be curious to see how rates look year over year when we get out of this year's lease up season.
