Even the Worst Rent Change Performance in Florida Isn’t Terrible
The small Crestview-Fort Walton Beach-Destin saw the worst rent change performance in Florida in the past year. Still, even the worst performance in Florida is not terrible, as this market logged rent growth of 6.8% in the year-ending August, according to data from RealPage Market Analytics. In the years leading up to the COVID-19 pandemic, Crestview-Fort Walton Beach-Destin saw annual rent growth average around 5.8%. After cutting rents briefly in 2020, apartment operators in this small market located in the Florida panhandle turned to steep increases in pricing, as remote workers fled bigger cities in favor of small beach towns with preferred lifestyle options. Annual rent growth peaked at over 11% in September 2021 before price increases softened more recently. While much of Florida has seen rent growth come down recently, this is the only top 150 market in the state with price increases below 10%.