Panama City, FL Rental Market Trends
Highlights
The average rent for an apartment in Panama City is $1,089, a 12% increase compared to the previous year, when the average rent was $971.
Average Rent in Panama City, FL
| Average Rent | Y-o-Y Change | Average Apartment Size |
|---|---|---|
| $1,089 | 12% | 1,005 sq. ft. |
The average size for a Panama City, FL apartment is 1,005 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer a more generous square footage.
Panama City, FL Apartment Rent Ranges
- $501-$7004%
- $701-$1,00038%
- $1,001-$1,50056%
- $1,501-$2,0002%
Panama City, FL Occupied Housing Units
- Renter-occupied Households43%
- Owner-occupied Households56%
6,650 or 43% of the households in Panama City, FL are renter-occupied while 8,547 or 56% are owner-occupied.
Panama City, FL Rent Trends
| Average Rent | Mar / 2017 | Jul / 2017 | Nov / 2017 | Mar / 2018 | Jul / 2018 | Nov / 2018 | Mar / 2019 | Jul / 2019 | Mar / 2020 |
|---|---|---|---|---|---|---|---|---|---|
| Panama City, FL | $899 | $918 | $934 | $931 | $931 | $971 | $1,026 | $1,051 | $1,089 |
| National | $1,337 | $1,369 | $1,371 | $1,374 | $1,408 | $1,417 | $1,422 | $1,458 |
Average Rent in Panama City, FL By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| Millville | $933 |
| Lake Caroline | $933 |
| Garden Club | $933 |
| Cove | $933 |
| Panama City North | $1,025 |
| St. Andrews | $1,072 |
| Monroeville | $1,072 |
| Glenwood | $1,072 |
| Drummond | $1,072 |
| Downtown Panama City | $1,072 |
| Lynn Haven | $1,115 |
| The Woods | $1,120 |
| Meadowbrook | $1,120 |
| Forest Park | $1,120 |
The most affordable neighborhoods in Panama City are Cove, where the average rent goes for $933/month, Garden Club, where renters pay $933/mo on average, and Lake Caroline, where the average rent goes for $933/mo. If you’re looking for other great deals, check out the listings from Millville ($933), Panama City North ($1,025), and Downtown Panama City ($1,072), where the asking prices are below the average Panama City rent of $1,089/mo.
The most expensive neighborhoods in Panama City are Forest Park ($1,120), Meadowbrook ($1,120) and The Woods ($1,120).
The most popular neighborhood in Panama City is Monroeville, where there are 2 verified RENTCafé listings with an average rent of $1,072. Next up is Drummond, where apartments go for $1,072/month, followed by Lynn Haven with $1,115 If you’re looking to rent in Panama City’s most popular neighborhoods, make sure to also check out Cove, where renters pay $933 on average, and Downtown Panama City, where the average monthly rent is $1,072.
Panama City | Rent Comparison by Neighborhood
Rent in Cove is 13% lower than in Downtown Panama City
Cove rent is 14% lower than Panama City average
| Average Rent | $933 |
|---|
Downtown Panama City rent is 2% lower than Panama City average
| Average Rent | $1,072 |
|---|
How Panama City Compares to Other Cities
| Average Rent | Y-o-Y Change | |
|---|---|---|
| Jacksonville | $1,105 | 4% |
| Kissimmee | $1,381 | 5% |
| Tampa | $1,338 | 3% |
| Miami | $1,703 | 3% |
| Homestead | $1,294 | 7% |
| Panama City Beach | $1,533 | 18% |
| Panama City | $1,089 | 12% |
| Callaway | $1,025 | 11% |
| Destin | $1,571 | 2% |
| Lynn Haven | $1,115 | 13% |
| Springfield | $1,060 | 11% |
For more information about the Panama City rental trends, check out our monthly rent report
Check out Florida Cities, Florida Neighborhoods and Florida Zip Codes for more details on verified listings, including the Florida Average Rent.
Curious about listings in your area? Check out our apartments near you for more details!