Thinking of Owning a Property In Pawleys Island - Check out the information below!

Posted By Tara Melech @ Feb 23rd 2018 11:36am In: South Carolina Real Estate

Are Spring Rentals In Your Future?

As a Realtor in a Resort and retirement area like Myrtle Beach or Pawleys Island, often times we are asked about rental income and opportunities.
The Grand Strand area is considered to be one of the most visited areas in the state of South Carolina because of the warm tropical climate and miles of beaches, and rich history.
According to recent studies and information obtained through various sources such as the Myrtle Beach area chamber of commerce, {visitmyrtlebeach.com, equation research}
The amount of visitors per year is anywhere between 15 million to 18 million. Most of these visitors peak in the summer months and many plan their visit in advance. Among those who visit, almost half of them are repeat visitors, spend an average of five nights and around $2800.00 on their vacation.
In Horry county the population has increased by 19.7% since April 2010 (July 2016 U.S. Census Bureau) In Georgetown county the population increased 2.1%. Both of these areas include a vast array of communities farther away from the coast as well as coastal areas.
Let's break this down even further, with an estimated population of 13,684 people for the zip code 29585 - Pawleys Island (full time population). Many people here live off season and rent during the summer months. With 15 million visitors, it is an easy way to gain income to utilize the use of the property; not to mention there is a high demand for rentals and most real estate company receive a plethera of inquiries for both short term and long term rentals.
Average rental incomes vary during different times of the year, and is slower in the winter months, but will most likely cover the operating costs. The average temperatures vary, from winter to summer so it can affect the rental marke, but no snow (except last year). That is an attraction in of itself. Most visitors who have never been here before start planning a trip 1-4 months in advance, and those that have been to the Grand Strand before, plan their trip over 4 months in advance. With July being the peak season, an average "renter" will find it much harder to "book their stay" than in October for instance. That being said, there is a steady decrease in what the locals call the "off season", which is October through April. This period used to be September through May, but current reservations and bookings, new builds, and new businesses, the trend seems to be decreasing. Ask any businsess owner here in Pawleys for their consensus, or Realtor, or local - we are friendly and won't bite!
So to get to the point, the average rental income is data that can be measured but is specific to the property and conditions. Those who visit for one week can become residents and expect to be happily surprised at the taxes, and cost of living expenses. If you would like an example of what these may be, or have a certain property in mind,  contact us to provide a detailed picture of your personal scenario.  You may also visit me at:  taram.thelitchfieldcompany.com


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