Pensacola area rent is increasing over last year, but prices are still down

Rent growth in Pensacola is off to a stronger start than last year.

According to the latest data from ApartmentList.com , Pensacola rent is still trending downward, year-over-year, falling behind both the national and state averages.

But rent growth is slowly starting to climb. Four months into the year, rents have risen 2.4%. By comparison, the area had only seen 1% in rent growth last year in the same period.

Here’s a look at the state of rent in Pensacola now.

What’s the median rent in Pensacola?

Pensacola’s median rent is $1,311, according to the latest data from Apartment List. This includes median rents for one- and two-bedroom rentals within the Pensacola city limits. Prices are down 4.6% year-over-year but up 0.2% from last month.

Breaking the median rent down into one- and two-bedroom rentals, those prices are $1,096 and $1,366, respectively.

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Pensacola rent growth continues to climb in 2024

Four months into the year, rent in Pensacola has risen 2.4%. This is a faster growth rate compared to what the city was experiencing at this point last year. Rent growth between January and March 2023 remained flat, showing no signs of an increase or decrease.

Rent growth in Pensacola isn’t increasing at quite the same rate as the national or even state level. Rent growth in the U.S. has declined 0.8% over last year and declined 2.7% throughout the state.

Methodology

ApartmentList.com gets its rent statistics from the Census Bureau. The company extrapolates that data forward to the current month using a growth rate calculated from its listings.

They use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country.

ApartmentList.com says this 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 the Department of Housing and Urban Development.

This article originally appeared on Pensacola News Journal: Pensacola area rent is increasing over last year, but prices are still down