| CREOP

In the opening months of this year, demand for Myrtle Beach's apartment units outpaced supply for the first time in over two years. This steady demand, combined with a more moderate pace of new deliveries in the first quarter, caused vacancies to drop from the record highs seen in the latter half of last year when vacancy rates peaked above 20%. Population and employment growth have continued to bolster demand for Myrtle Beach's units, with growth patterns outpacing national trends. The market's population has grown by 12.5% over the past three years, compared to 1.2% nationally. Employment growth in the market has reached around 17.0% over the past three years, compared to 9.9% nationally.

With a steady demand and a normalized pipeline of new apartment units, Myrtle Beach is poised for stability over the next three years. The area's demographic trends and employment growth will continue to drive demand for apartments, ensuring stable returns for apartment owners. Similarly, in the South Horry County submarket, demand for apartment units has been strong over the past 12 months and remains robust in the early months of this year. This demand is expected to outpace supply for the next three years, contributing to stable vacancy rates.