We've all noticed the increase in rental rates in the Downtown Pensacola area over the past few years. We decided to dig into the data to see exactly how much rents have increased. Overall, single family rents in downtown Pensacola (zip codes 32501 and 32502) have increased approximately 25% over the past 5 years. In comparison, the average Pensacola area rental rates has increased approximately 13% over the last 5 years. That means that Downtown Pensacola rents are increasing nearly 2 times the amount as the overall area rental rate.
The average asking price today on Pensacola MLS for a single family rental in Downtown Pensacola is $1,422! A lot of these properties are new construction homes which of course come with a higher price tag. The rising rates in the Downtown Pensacola area are marking it harder to find an affordable downtown rental.
What do you think are other factors contributing to this steep increase? Here are a few of our observations:
- Ongoing Downtown Pensacola revitalization
- Increase in new construction
- Renovations on existing properties
- Increasing rental rates overall
We will continue to monitor the Pensacola rental market and keep you posted as to any changes in rental values.
originally posted 02-02-2019
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