Investing in Myrtle Beach vacation rentals has become an increasingly popular way to generate passive income, given the area’s appeal to seasonal travelers. With its beautiful beaches, golf courses, and endless entertainment options, Myrtle Beach attracts a steady stream of visitors, making it an ideal location for short-term rental properties. It has what I call the “Three A’s”: attractions, affordability, and accessibility. We attract many visitors for those 3 reasons. In this post, we’ll cover the top 5 tips for successful vacation rental investing in Myrtle Beach, from choosing the right property to optimizing bookings, to help you make the most of your investment in this vibrant area.
- Location
- Ideally you’re on the Oceanfront or within comfortable walking-distance of the Beach. Oceanfront is the first choice by many travelers, particularly when it comes to Condos. You’ll also want to be close to popular areas or attractions, some of which I’ll list below.
- Popular Areas in North Myrtle Beach
- Cherry Grove, specifically around Sea Mountain Hwy
- Main Street
- Barefoot Landing
- Crescent Beach, which is in-between Main St and Barefoot Landing
- Amenities
- Whether you’re a Home or Condo, you’ll want to offer as many amenities to Guests as possible. For Condos this really comes down to what the building has to offer in terms of pools, restaurants, gyms, arcades, etc. For Homes you have much more control over what you can put inside or outside of the house. Some popular amenities are listed below.
- Popular Amenities for Condos
- Pools, hot tubs, waterparks / slides
- Arcade, put-put
- Gyms, restaurants, tiki-bars
- Popular Amenities for Homes
- Pools, hot tubs, slides
- Arcade room or Movie Room
- Golf simulators, mini golf, corn hole, fire pit, outdoor bowling, pickleball
- Design
- Design is one of the most important aspects of your Vacation Rental. It can really make or break the performance of your Investment. You want your Rental to be eye-catching and something guests haven’t experienced before, in a good way.
- Consider hiring a Professional Designer or Management Company, like us, who can help bring the design all together.
- Worthwhile Design Elements
- Accent walls or new paint colors
- Beautiful comforters, blankets, and throw pillows
- Indoor or outdoor murals
- Rugs or carpets
- Light fixtures and unique furnishings/ artwork
- Expenses
- Condos and Homes are going to have slightly different expenses given HOA Fees and different Insurance requirements. A good rule of thumb is to budget for 7-10% of your Revenue going to each Maintenance expenses and Improvement expenses. Some more expenses are listed below.
- Common Expenses
- Landscaping, pool maintenance, annual exterior cleaning, paint touch-ups, appliance repairs
- Management Fees, Insurance, HOA Fees, Property Taxes
- New furniture, upgrades to other furnishings, amenity upgrades
- The A-team
- You’ll want a great Property Manager that has an A-team list of Vendors, maintenance people, cleaners, and Guest referral partners if you’re going to have a successful Vacation Rental.
- If you elect to Self-manage, you’ll want to assemble and maintain relationships with this list of people. They are truly essential to operating your Vacation Rental in a cost-effective way and managing to receive 5-star Reviews from Guests. Check out the list below of essential people/ companies.
- Important Companies to Know
- Cleaning Company
- Plumbers, Electricians, HVAC Technicians, Appliance Repair are the most common
- Handyman (Maybe have a 5-deep list of these guys)
- Someone to run small items such as coffee makers, linens, and other random items when things break
- I would create a list 3-deep of each of these people and make sure at least two of them will do after-hours calls
Conclusion
There are many key points to consider when looking at Vacation Rental Investments in North Myrtle Beach. We like to say that the data doesn’t lie. At myBeach Vacation Rentals we can provide many different data points on the market. If there is anything we can help with when you begin your search, don’t hesitate to reach out to us.
