WILMINGTON, CHARLESTON & MYRTLE BEACH
The coastal Carolinas markets share a common thread: they attract people. Retirees, remote workers, military families, and tourism-sector employees have all contributed to population growth that is less dependent on traditional employment cycles than inland metros. That migration-driven demand creates a multifamily market with distinct characteristics — and distinct risks.
Charleston has evolved into a genuine economic hub, anchored by the Port of Charleston, a growing aerospace and defense cluster, and a healthcare sector that employs a significant portion of the metro workforce. Wilmington benefits from UNCW's enrollment and a healthcare sector anchored by Novant Health. Myrtle Beach's hospitality economy creates consistent workforce housing demand from service industry employees who need affordable rental options near their jobs.
Britt CRE covers all three coastal markets — with a focus on the 5–100 unit segment where local knowledge of submarket dynamics, flood zone considerations, and seasonal demand patterns creates the most value for investors.
Why the Coastal Carolinas?
- —Migration-driven demand less correlated with traditional employment cycles
- —Charleston's port and aerospace economy providing high-wage employment depth
- —Workforce housing undersupply relative to hospitality and logistics sector demand
- —Retiree in-migration creating stable, creditworthy renter demand
- —Three distinct markets with different risk/return profiles in one coverage area
WHY INVEST IN THE COASTAL CAROLINAS?
Migration-Driven Demand
All three coastal markets share a common demand driver: migration. Retirees from the Northeast and Midwest, remote workers attracted by quality of life and lower cost of living, and tourism-sector workers who require workforce housing have all contributed to population growth that is structurally different from — and less cyclical than — employment-driven demand in inland metros.
Charleston's Economic Depth
Charleston has evolved well beyond its tourism and military roots. The Port of Charleston — one of the fastest-growing container ports on the East Coast — anchors a logistics and distribution economy. Boeing, Volvo, and a growing aerospace and defense cluster have added high-wage manufacturing employment. This economic diversification makes Charleston's multifamily fundamentals more durable than a pure coastal lifestyle market.
Workforce Housing Undersupply
The coastal Carolinas' hospitality, healthcare, and logistics sectors require a large workforce that needs affordable rental housing. New development in these markets has skewed heavily toward luxury product and short-term rental conversions, leaving the workforce housing segment undersupplied relative to demand. Investors in the 5–50 unit workforce tier are competing in a different market than luxury developers.
WHAT TO WATCH
Coastal markets carry specific risk considerations that inland markets do not. Hurricane exposure and flood insurance costs are real factors that affect operating expenses and insurance availability — and these costs have increased meaningfully in recent years as insurers have repriced coastal risk. Investors should underwrite flood insurance costs carefully and understand the FEMA flood zone designation of any asset before committing capital. Seasonal demand fluctuations in tourism-driven markets like Myrtle Beach can also create occupancy variability that requires different management approaches than year-round markets. These risks are manageable with proper underwriting, but they require local knowledge to assess correctly.