Department of Numbers

Panama City Florida Residential Rent and Rental Statistics

The median monthly gross residential rent in Panama City, FL (the Panama City-Lynn Haven-Panama City Beach metro area) was $974 in 2016 according to the Census ACS survey.1 Average gross rent in Panama City was $950 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Panama City median and average rent data will be released in September of 2018.

Data is also available below for Panama City rental vacancy rates, Panama City rent as a percent of median income and the fraction of renters in Panama City.

Show dollars as: Nominal Real

Real Gross Rent in Panama City Florida (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Florida Median Gross Rent $1,086 +2.45% +11.04%
Panama City, FL Median Gross Rent $974 -2.21% +10.43%

Panama City, FL Real Gross Rent Trends

Median gross rent for Panama City peaked in real terms in 2015 at $996 and is now $22 (2.21%) lower. Average gross rent for Panama City peaked in real terms in 2015 at $1,010 and is now $60 (5.94%) lower.

Real Gross Rent in Panama City: Panama City FL Median, Panama City FL Average, Florida Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Panama City

Date US
Median
Florida
Median
Panama City, FL
Median
Panama City, FL
Average
2016 $981 $1,086 $974 $950
2015 $972 $1,060 $996 $1,010
2014 $942 $1,011 $931 $912
2013 $910 $978 $882 $893
2012 $898 $969 $915 $877
2011 $898 $979 $942 $910
2010 $912 $1,011 $981 $967
2009 $916 $1,036 $977 $961
2008 $932 $1,071 $970 $957
2007 $885 $1,038 $971 $895
2006 $895 $1,023 $885 $876
2005 $869 $966 $835 $789

Panama City Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Panama City Florida was 28.43% according to Census ACS data.

Rental Vacancy Rate in Panama City Florida

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Florida 8.30% +0.51% -0.92%
Panama City, FL 28.43% +2.59% -5.57%

Trends in Panama City, FL Rental Vacancy Rate

The rental vacancy rate in Panama City peaked in 2013 at 34.00%. Since then it has fallen by 5.57% to 28.43%. Data records for this series originated in 2005.

Rental Vacancy Rate: Panama City FL, Florida, US

Rental vacancy rate in Florida

Historical Rental Vacancy Rate data for Panama City

Date US Florida Panama City, FL
2016 5.89% 8.30% 28.43%
2015 5.85% 7.79% 25.84%
2014 6.32% 8.66% 30.42%
2013 6.49% 9.22% 34.00%
2012 6.77% 9.37% 27.09%
2011 7.40% 10.91% 14.16%
2010 8.17% 12.17% 28.46%
2009 8.43% 13.16% 22.50%
2008 7.86% 12.67% 22.75%
2007 7.87% 11.55% 23.32%
2006 7.70% 8.32% 17.85%
2005 7.74% 7.72% 19.07%

Rent as a Fraction of Income

Using median household income data for Panama City, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Panama City, median monthly gross rent as a fraction of median household income was 24.58% in 2016 according to the ACS.

Panama City Florida Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Florida 25.62% +0.23% +0.29%
Panama City, FL 24.58% +0.04% +1.51%

Trends in Panama City, FL Rent as a Fraction of Income

The fraction of median Panama City household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 24.81%. Since then it has fallen by 0.23% to 24.58%.

Fraction of Income towards Rent: Panama City FL, Florida, US

Percent of median household income going towards median monthly gross rent in Panama City Florida

Historical Data for Annual Rent as a Fraction of Income in Panama City Florida

Date US Florida Panama City, FL
2016 20.43% 25.62% 24.58%
2015 20.63% 25.40% 24.54%
2014 20.89% 25.36% 24.81%
2013 20.78% 25.34% 23.07%
2012 20.65% 25.42% 23.50%
2011 20.70% 25.71% 24.73%
2010 20.50% 25.59% 24.57%
2009 20.12% 25.54% 24.29%
2008 19.00% 23.79% 22.51%
2007 18.66% 23.22% 21.19%
2006 18.90% 23.00% 20.09%
2005 18.89% 22.88% 20.61%

Renter Fraction in Panama City Florida

You can calculate the renter fraction in Panama City in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Panama City as a fraction of total Panama City households. In 2016 34.77% of households were renters according to Census ACS data.

Panama City Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Florida 35.87% -0.35% +0.66%
Panama City, FL 34.77% -3.15% -4.01%

Trends in the Panama City, FL Renter Fraction

The Panama City household renter fraction peaked in in 2012 at 40.13% and is now 5.36% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Panama City FL, Florida, US

Fraction of renters in Panama City

History of Panama City Renter Fraction

Date US Florida Panama City, FL
2016 36.88% 35.87% 34.77%
2015 36.97% 36.22% 37.92%
2014 36.90% 35.95% 36.90%
2013 36.50% 35.21% 38.78%
2012 36.09% 34.36% 40.13%
2011 35.42% 33.28% 37.74%
2010 34.65% 31.85% 36.44%
2009 34.13% 31.52% 34.55%
2008 33.36% 30.33% 34.62%
2007 32.80% 29.39% 31.77%
2006 32.73% 29.72% 36.89%
2005 33.10% 30.43% 35.38%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.