Each major submarket—Pensacola, Panama City, and Fort Walton Beach—posted over 1,000 units of net absorption in the past year, signaling strong renter demand despite elevated supply.
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Over 1,000 units delivered in Q1 2025, but new starts have slowed, with total completions expected to fall 50% from 4,500 in 2024 to 2,200 in 2025.
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Rents declined 1.4% year-over-year in Q1, driven by elevated new supply. However, with the pipeline shrinking, rent growth is projected to rebound modestly, potentially reaching 1.0% by year-end.
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MARKET OUTLOOK
Developers remained active across the Florida Panhandle in early 2025, delivering over 1,000 new multifamily units in the first quarter alone...
