Search Rentals in Bay County, Florida

No doubt the Covid-19 crisis had a tremendous negative impact worldwide. Most tragic is the loss of lives, families and even communities. The emotional toll is significant as well, with mental health and long term physical impacts to survivors both troubling issues.

The financial toll is evident as well, despite government assistance that has been delivered through federal payments and local programs. In some areas, scarcity of basic supplies has taken a toll.  Long term expenses such as housing have risen disproportionately across the country as well.

Relocation

Surprisingly, high income areas saw housing prices flat line, or even reduced, while smaller less urban areas have seen increases. Possibly, more people became accustomed to remote work and the ability to relocate and remain employed became appealing. Others  moved closer to relatives so that child care burdens could be shared while schools were shut down. Others still relocated to areas where in person school options were available.

Bay County, Florida

Anyone looking to relocate to the Bay County region of Florida, found that the rental market already had been seriously impacted in 2018, and was still in a recovery mode. Hurricane Michael hit Bay County, Florida on October 10, 2018. This Category 5 storm that caused catastrophic damage. In the immediate aftermath a significant rental unit shortage occurred, driving prices up and ultimately causing many who survived the storm to leave the area.

Prices in Bay County rose significantly through 2019 in response to the storm damage. Due to the decrease in available properties caused by the storm, the population had already seen a reduction. Those who stayed were more likely to have secure employment and housing. Many supports were already in place post storm, such as food banks and financial aid for rebuilding.

Pandemic

Covid-19 came as the second wave of issues for this already impacted area.  Covid-19 impacted businesses and families that were already struggling in the midst of a recovery cycle. There had already been a reduction in population post storm, commensurate with the reduction in jobs. Many storm survivors hunkered down to weather Covid as well. 

 The type of percent increases seen in surrounding areas had already happened here, so it appears there was not as much room to increase and still have tenants available. Another impact which may have kept rental prices stable is the significant rebuilding underway.

During Covid shut downs, Florida put fewer restrictions in place. Construction on new units continued during 2020, leading to more units coming on the market and an easing of the rental shortage. With more units becoming available, and a smaller rental population still in place, the prices did not see the effect felt elsewhere in Northwest Florida.

According to Zumper price data and the American Community Survey data provided here the rental impact in Bay County, a small metro area, was basically flat. However in similar counties in Northwest Florida, not impacted by the hurricane, rents rose anywhere from 10% (Escambia county) to 19% (Okaloosa County). Bay County remained at 0.0% rent increase for the same time period.

Recovery

Construction continues as recovery efforts move forward. Rebuilding efforts also include many new start ups and businesses expanding, so more employees are needed. The balance between potential income and rental prices is a huge influence on the ability to draw new people to the area. Affordable housing, including a stable rental market, and adequate wages are the key components to a strong recovery for this area.