A Short-Term Rental Fueled Construction Boom

The City of Myrtle Beach, South Carolina earlier this week gave its initial approval to a multi-family housing development plan. The proposal entails the annexation and rezoning of approximately 18 acres of land. Presently, the site is designated for commercial projects, but the proposed zoning change would permit a mix of commercial and residential development —  this would include construction of more than 380 housing units, with a portion of them anticipated to be utilized for short-term rentals.

Remember back in April when we wrote about how the short-term rental industry has an ally in built-for-rent projects? Sources I interviewed for the story said there was increased interest among real estate investors in purpose-built, multi-family projects like the one in Myrtle Beach. There are cases where communities in South Florida and La Quinta, California have been re-zoned to include short-term rentals.

Let’s look at South Florida.