Even as the cooler months approach the area, Myrtle Beach continues to offer exciting events and a good outlook for vacation rentals this Fall. Here’s your October update, including key events, a review of the past months data, and insights for property owners looking ahead.
October Events
This month brings a variety of activities, keeping Myrtle Beach vibrant and attracting visitors. Here are some highlights:
- Fall Bike Rally – One of the most anticipated events of the season. Expect an influx of motorcycle enthusiasts, filling up local accommodations.
- SC Shag Festival – Celebrate South Carolina’s state dance, with live music and dancing, attracting both locals and visitors.
- Myrtle Beach Jeep Jam – Another vehicle themed event that is sure to attract many jeep enthusiasts.
- Halloween Events – From family-friendly trick-or-treating to adult-only Halloween parties, Myrtle Beach has something for everyone this spooky season.
Review of Previous Months: August & September
The summer season was slightly different this year in Myrtle Beach. Here’s what we saw from August and September:
- Occupancy: According to KeyData, occupancy rates in August and September were slightly below last year’s levels, but there’s promising news ahead: fall bookings are pacing ahead of 2023 numbers.
- Why the Shift? Those who may have missed or were priced-out of summer travel are seizing the opportunity for more affordable, off-season rates in the fall.
- ADR (Average Daily Rate): For the Southeast, ADR has remained consistent with last year’s figures. However, Inventory in most markets increased which could explain the decrease in Occupancy.
- Travel Trends: In July, Myrtle Beach was ranked in the top 4 destinations on TripAdvisor for North America, a strong indicator of the area’s continued appeal.
- Hotel Performance: Smith Travel Research data shows that RevPAR (Revenue Per Available Room) has increased across all hotel chain scales except economy properties. This suggests that mid-range and upscale properties are still in high demand, while economy segments are seeing a slight dip.
Looking Ahead: Tips for Vacation Rental Owners
Here are some insights and tips on how to maximize your off-season months. It does slow down some, but there is always opportunity:
- Maximize Property Visibility: With fewer travelers during the fall, it’s important to ensure your properties stand out. Now is a great time to do a deep-dive on your Listing and shake up some things if you aren’t performing well. Change the photo order, make your title stand out, and upgrade your description.
- Optimize Rates: Ensure your rates are competitive for the season. Highlight any special features like pools, proximity to events, or pet-friendly amenities.
- Consider Monthly Rentals: If you haven’t already, advertising monthly rates can attract long-term guests. Ensure monthly discounts are set up on your OTA Listings. Listing on platforms like Zillow and Trulia can expand your reach, especially for snowbirds and remote workers.
- Pet-Friendly Options: Many monthly renters prefer bringing pets. Consider allowing pets for monthly guests along with a fair pet deposit to protect your Property.
- Holiday Premiums: As the holiday dates approach, don’t forget to adjust your pricing. Premium rates are expected for Thanksgiving, Christmas, and New Year bookings. Holidays are the time in the off-season to maximize your pricing. You won’t get it elsewhere during this time, but Holidays can be strong.
