It may not feel like it to Pensacola residents browsing for a new place to rent, but prices are down 6.1% from last year, according to the latest data from ApartmentList.com.

Rent prices in Florida dropped about 2.8% from last year, while prices nationwide have dropped about 1%.

At the time of publishing, the overall median rent in Pensacola is about $1,279 per month.

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Rent growth in Pensacola is pacing above last year

Rent growth this year, the rate at which prices have increased, could outpace 2023. Last year saw a drop in rent for the first time since 2019, decreasing 6.4%. The coronavirus gave way to the most dramatic increase in 2020, with a 19.7% increase.

So far, 2024 has shown a 0.8% increase in median rent, but it’s still too early to tell whether prices will stick to that trajectory. Historically, rent prices have increased slightly in the spring, peeking just before or during summertime. From there, prices tend to take a dramatic shift, either upward or downward.

Methodology

ApartmentList.com data comes from median rent statistics from the Census Bureau that are then extrapolated, moving them forward to the current month using a growth rate calculated from its listing data.

The approach corrects for the sample bias inherent in other private resources, producing results that are closer to those published by the Census Bureau and HUD, according to ApartmentList.com. For more information, see the official Apartment List Rent Estimate Methodology.

Access the data yourself

Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros and states. These data are intended to be a source of reliable information that helps renters and policymakers make sound decisions.

To access the data yourself, please visit our Data Downloads Page.

This article originally appeared on Pensacola News Journal: Pensacola rent prices down 6.1% but are starting to trend upward