23 Apartments with washer-dryer for rent in Panama City, FL
December 2019 Panama City Rent Report
Welcome to the December 2019 Panama City Rent Report. Panama City rents declined over the past month. In this report, we'll evaluate trends in the Panama City rental market, including comparisons to cities throughout the state and nation.
December 2019 Panama City Rent Report
Welcome to the December 2019 Panama City Rent Report. Panama City rents declined over the past month. In this report, we'll evaluate trends in the Panama City rental market, including comparisons to cities throughout the state and nation.
Panama City rents decline sharply over the past month
Panama City rents have declined 1.6% over the past month, but are up moderately by 2.1% in comparison to the same time last year. Currently, median rents in Panama City stand at $786 for a one-bedroom apartment and $917 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in September. Panama City's year-over-year rent growth leads the state average of 1.2%, as well as the national average of 1.4%.
Rents rising across cities in Florida
Throughout the past year, rent increases have been occurring not just in the city of Panama City, but across the entire state. Of the largest 10 cities that we have data for in Florida, 8 of them have seen prices rise. The state as a whole logged rent growth of 1.2% over the past year. Here's a look at how rents compare across some of the largest cities in the state.
- Looking throughout the state, Pembroke Pines is the most expensive of all Florida's major cities, with a median two-bedroom rent of $2,403; of the 10 largest cities in Florida that we have data for, Fort Lauderdale and Pembroke Pines, where two-bedrooms go for $1,446 and $2,403, are the only two major cities in the state to see rents fall year-over-year (-0.4% and -0.3%).
- Tampa, Port St. Lucie, and Orlando have all experienced year-over-year growth above the state average (2.3%, 2.3%, and 1.8%, respectively).
Panama City rents more affordable than many large cities nationwide
As rents have increased moderately in Panama City, a few large cities nationwide have also seen rents grow modestly. Panama City is still more affordable than most large cities across the country.
- Panama City's median two-bedroom rent of $917 is below the national average of $1,191. Nationwide, rents have grown by 1.4% over the past year compared to the 2.1% rise in Panama City.
- While Panama City's rents rose moderately over the past year, many cities nationwide also saw increases, including Phoenix (+3.9%), Dallas (+2.2%), and Seattle (+1.6%).
- Renters will find more reasonable prices in Panama City than most large cities. For example, San Francisco has a median 2BR rent of $3,101, which is more than three times the price in Panama City.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.