Furnished Houses for Rent in Panama City Beach, FL - 25 Rental Homes | Zumper (2024)

FAQs

Why is rent getting so high in Florida? ›

More companies are demanding a return to the office, so some long-distance remote workers need to re-relocate. People aren't flocking here quite as heavily since 2021-2022. The rentals were overvalued. A 2022 study of 107 rental markets in the U.S. found that 10 of the 14 most overvalued markets were in Florida.

Housing: The cost of housing in Panama varies depending on the location, type of property, and amenities. In central Panama City where expats typically live, an average one-bedroom apartment's rent starts from $600 to $1000 per month, while a two-bedroom apartment costs between $800 to $1500 per month.

In conclusion, rent going down in Florida is not unusual or alarming. The rental property market is constantly growing and changing. As we have seen a global pandemic, significant population growth in Florida since 2020, and major construction projects, it is more than usual for the rental market to fluctuate.

Rising median rental prices in Florida, driven by an influx of new residents and high demand, are deepening the state's housing crisis and challenging economic stability, despite legislative efforts and a slight decline in rental costs in 2023.

Panama City

The overall cost of living in Panama City is 4.6% lower than the national average. Panama City is majorly one of the affordable cities in Florida and high-quality health care. Even without health insurance, the cost of a routine visit to the doctor is just $2.

For more affordable rates, consider visiting in September or October when the weather is still warm (highs in the mid-80s and 70s) and there's more lodging availability. Shuttle trips to Shell Island are still offered during this time, so you won't have to sacrifice an experience to save some coin.

The total cost of housing, food, child care, transportation, health care, taxes, and other necessities for a single adult in Panama City Beach is $35,602 a year — about the same as the annual cost of living for Florida of $36,375 and less than the national figure of $38,433.

Despite the overall cooling of the housing market, rent prices in Florida are not expected to decrease substantially in 2024. The demand for rental properties remains robust, fueled by continuous in-migration and the unaffordability of homeownership for many due to high mortgage rates.

The state of Florida currently lacks rent control regulations that place limits on rent hikes. This means that a landlord can raise the rent to any amount and does not have to give notice to their tenants.

Each year, the number of northerners moving to Florida increases which causes the demand for housing to increase. Supply and demand determine prices. High demand equals high prices.

What is the average cost of rent in the state of Florida? ›

The average rent in Florida is $1,790 per month, compared to $1,100 nationwide. Across the U.S., rental rates have increased by 31% in the past ten years. Approximately 109 million Americans reside in rental housing.