Panama City is known for its gorgeous beaches, wide array of entertainment options, and historic downtown area. Some notable places in the city include St. Andrews State Park, the Florida 30A, ZooWorld Zoological and Botanical Conservatory, Panama City Beach, Saint Andrew Bay, and Shell Island.
Rental property owners can benefit from investing in Panama City real estate. The city’s resident population consists of 51% renters and 49% homeowners. In addition, Panama City also draws in millions of tourists and vacationers each year. These visitors often look for short-term rentals, as they tend to be cheaper than luxury hotels and resorts.
The median rent price in Panama City is $903. On average, though, a studio apartment rents for $800, a 1-bedroom apartment rents for $950, and a 2-bedroom apartment rents for $1,025. Moreover, 3-bedroom apartments have an average rent of $1,595 and 4-bedroom apartments have an average rent of $1,870.
There are about 15,197 homes and apartments in Panama City, 58.5% of which are single-family homes and 23.5% of which are apartment complexes. Small apartment buildings make up 11.3% of the market, townhomes take 4.7%, and mobile homes take 2%.
While the rental market in this Florida destination poses many lucrative opportunities, there is a lot more that goes into Panama City property management than you might think. Managing a rental property involves finding and screening tenants, collecting rent, and keeping up with maintenance tasks. You also need to address tenant issues and complaints in a timely manner.
This is where professional property management companies come in. Property managers handle rental properties and tenant relations for a living. This means they have the necessary skills and resources to accomplish it successfully. With the help of an experienced professional, you can be assured that your rental property is in good hands.
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