Myrtle Beach Banning new long-term rental properties in the city
Myrtle Beach, South Carolina, has introduced new measures to regulate rental properties and invest in the city’s future. On Tuesday, city officials passed a ban on converting short-term rental properties into long-term ones, a decision that took effect immediately after the vote. This move aligns with the city’s broader efforts to boost economic growth and improve public infrastructure.
Details of the Rental Conversion Ban
The ban, which does not apply to apartment dwellers with existing leases, restricts short-term rental properties from offering stays longer than 90 days within a 114-block area stretching from Kings Highway to the ocean.
Assistant City Manager Brian Tucker clarified that the changes would not impact long-term rental properties already legally licensed or homeowners using their properties for personal purposes.
“Folks who are properly licensed for long-term rentals can continue operating as usual,” Tucker explained.
City officials had been considering the move for several months, introducing a 270-day moratorium in April to allow for further research. A city-sponsored study revealed that every 1,000 homes converted to long-term rentals result in $7.61 million in lost revenue across local, county, and state levels, with $2.48 million directly impacting Myrtle Beach through licensing fees and taxes.
$10 Million Grant Accepted for Downtown Revitalization
On the same day, city leaders accepted a $10 million grant to support downtown revitalization. The funds, split equally between the South Carolina Department of Commerce and the Department of Parks, Recreation, and Tourism, will finance upgrades to streets, sidewalks, crosswalks, parking facilities, and innovation initiatives. The plan includes co-working spaces and the development of a “Living Lab” to encourage innovation and planning.
Other Council Actions
The city council also approved several additional initiatives:
- Donations: A $5,000 contribution from Bradley Housing Developers and another $5,000 from Tuscan Properties were accepted to support Neighborhood Services outreach programs.
- Development Agreement: A $40 million development deal with IRH Myrtle Beach LLC was approved. This nationally respected developer specializes in housing for seasonal workers.
The proposed project includes dormitory-style housing for up to 1,200 seasonal workers participating in programs like BridgeUSA J-1, H-2B, and U.S. college internships. The agreement also includes a 1% incentive voucher based on the total construction cost, as authorized by city code.
Economic and Community Impacts
The rental conversion ban aims to preserve the city’s short-term rental market, which generates significant revenue for local government through taxes and licensing fees. By halting these conversions, Myrtle Beach seeks to maintain its strong position as a tourist destination while protecting its economic resources.
At the same time, the downtown revitalization efforts, bolstered by the $10 million grant, are designed to attract more visitors and improve the quality of life for residents. Upgraded infrastructure and innovative projects will support the city’s long-term goals for growth and modernization.
Looking Ahead
Myrtle Beach’s latest measures highlight the city’s dual focus on preserving its economic foundation while preparing for the future. By regulating rental conversions and investing in infrastructure improvements, city officials hope to create a balanced, thriving community that benefits both residents and visitors alike. With a combination of strategic planning and significant investment, Myrtle Beach is positioning itself for sustainable growth in the years ahead.
