Renter-occupied units make up 47% of the housing market in Panama City, Florida, while the rental vacancy rate is 6%. Although the data below may not accurately reflect the current context of the rental market due to the COVID-19 pandemic, it is still useful to consider. Compared to a year ago, apartments in Panama City, Florida have seen a 0.6% increase in rent. Renters occupy almost half of all real estate properties in Panama City, with a total of 7,466 units.
Landlords live in 8,267 properties. The majority of condos for rent in Panama City are occupied by residents aged 45 to 54 (23%), followed by those in the 25 to 34 age group (19%). On the other hand, people in the 75 to 84 age group represent the lowest part of the local rental market at 2%. In terms of education, renters with bachelor's degrees or higher make up 18% of the rental market.
In contrast, those with less than a high school degree reside in 9% of rental housing in Panama City. Most of the apartments rented in Panama City (20%, 1,486 units) were built between 1980 and 1989. This is followed by those built between 1970 and 1979 (17%, 1,298 units) and those built between 1990 and 1999 (15%, 1,103 units). In terms of transportation options, 47% of renters in Panama City have 1 vehicle available per household, 28% have 2 vehicles available and 17% have no vehicle available. Renters occupy 38% of real estate in Panama City Beach, occupying a total of 2,094 units.
Landlords live in 3,444 properties. The majority of condos for rent in Panama City Beach are occupied by residents aged 25 to 34 (32%), followed by those aged 45 to 54 (20%). In contrast, those with less than a high school degree reside in 9% of rental housing in Panama City Beach. When it comes to transportation options, 46% of renters in Panama City Beach have 1 vehicle available per household, 45% have 2 vehicles available and 5% have no vehicle available.
A total of 3,687 apartments for rent in Panama City are family homes. The most common type of rental is a two-bedroom unit at 46%.Overall, it is clear that Panama City and its beachside counterpart offer a variety of rental options for all types of renters. With an average vacancy rate of 6%, it is important for potential renters to be aware that competition for rentals can be high. Additionally, understanding the local demographics can help renters find an apartment that best suits their needs.
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