Panama City, Florida Short-Term Rental Market
Panama City, FL STRs posted $298/night ADR at 54.7% occupancy in April 2026, with year-over-year revenue up 8.9%.
Quick Answer: Panama City, Florida is an active short-term rental market. average occupancy in the Panama City market area is 84%. average monthly revenue in the Panama City market area is $9,621. average daily rate in the Panama City market area is $411. the top operator in the Panama City market area is Vacasa with 1,194 listings. market score is 62/100 (grade C).
Market data reflects the wider Panama City market, which covers 4 areas. Regulations, taxes, and permit details below are specific to Panama City.
Market Score Breakdown
Five dimensions StaySTRA evaluates per market.
Market Overview
Panama City is the Bay County seat on Florida’s northwest Gulf Coast, a working waterfront city of approximately 36,000 residents that sits adjacent to, but distinct from, Panama City Beach. The short-term rental market here skews toward the St. Andrews neighborhood, waterfront corridors, and zones close to Tyndall Air Force Base, rather than the dense beach resort strip.
In April 2026, the market recorded an average daily rate of $298 and occupancy of 54.7%, generating average monthly revenue of $4,438 per active listing. RevPAR stood at $163. Year over year, occupancy climbed 6.6 percentage points while ADR slipped 1.3%, resulting in a net revenue gain of 8.9%.
The listing mix is dominated by entire-place rentals, which account for 18,469 of roughly 18,612 tracked listings (99.2%). Private rooms represent 139 listings and shared rooms just 4. By bedroom count, two-bedroom listings are the most common at 6,877, followed by one-bedrooms (5,355), three-bedrooms (4,359), four-bedrooms (1,240), and five-plus bedrooms (746). Channel distribution shows most listings appear on both Airbnb and VRBO (12,797), with 2,997 VRBO-only and 2,818 Airbnb-only.
Market scores reflect a market with strong investability (87.6 out of 100) and solid rental demand (77.5) and revenue growth signals (74.3), moderated by seasonality risk (42.8) and a mid-range regulatory score (59.2). Total market score is 61.5.
Seasonal Patterns
| Month | Occupancy |
|---|---|
| Jan | 38% |
| Feb | 62% |
| Mar | 67% |
| Apr | 51% |
| May | 64% |
| Jun | 82% |
| Jul | 81% |
| Aug | 53% |
| Sep | 52% |
| Oct | 50% |
| Nov | 33% |
| Dec | 35% |
Month-by-month nightly rates and revenue figures for Panama City are available to StaySTRA Pro members. Unlock with StaySTRA Pro or analyze a specific address free.
Top Short-Term Rental Operators in Panama City market area
Ranked by total active listings. Useful for understanding the competitive landscape. Operator data is published for the Panama City market as a whole, which includes Panama City, so these counts are not Panama City-only figures.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Vacasa | 1,194 | 39,907 | ★ 4.32 |
| 2 | Panhandle Getaways | 852 | 9,635 | ★ 4.48 |
| 3 | RealJoy | 681 | 23,563 | ★ 4.49 |
| 4 | Southern Vacation Rentals by Vtrips | 594 | 6,259 | ★ 4.24 |
| 5 | Emerald Coast Destinations | 426 | 22,520 | ★ 4.29 |
What Kind of STR Should I Buy in Panama City?
Revenue and nightly-rate breakdowns by bedroom count, property tier, and dwelling type for Panama City are available to StaySTRA Pro members. Unlock with StaySTRA Pro or analyze a specific address free.
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 15.1% |
| vrbo | 16.1% |
| both | 68.8% |
Home Value Trends (Panama City)
Typical home values, median sale prices, and the 10-year price trend for Panama City are available to StaySTRA Pro members. Unlock with StaySTRA Pro or analyze a specific address free.
Booking Insights
Booking-window and length-of-stay analysis for Panama City — how far ahead guests book and how to price around it — is available to StaySTRA Pro members. Unlock with StaySTRA Pro or analyze a specific address free.
Short-Term Rental Regulations
Panama City (the city proper, not Panama City Beach) operates under a layered STR licensing structure that differs meaningfully from the adjacent beach municipality.
STRs are permitted within the city limits but restricted to specific zoning districts: R-2, UR-1, UR-2, MU-2, MU-3, Downtown, St. Andrews, and Cultural Heritage Districts. Properties in R-1 single-family zones cannot legally operate as STRs. Prospective investors must verify zoning before purchase. One license is required per individual dwelling unit.
There is no owner-occupancy or primary residence requirement, meaning investors may own and rent properties without living on site.
Licensing requires two separate authorizations. First, a City of Panama City Merchant Business License through the GovOS portal (panamacity.munirevs.com). The fee structure is 1% of gross monthly rental income with a minimum of $1.50 per month. Second, a Florida DBPR Vacation Rental Dwelling license applies to any property rented more than three times per calendar year for periods under 30 days; application fees are approximately $50 plus a variable annual renewal fee.
Combined lodging tax on short-term rentals is 11%: a 5% Bay County Tourist Development Tax remitted through baycounty.munirevs.com, plus 6% Florida state sales tax on transient rental income.
Florida state preemption under FS 509.032(7) prohibits local governments from banning STRs outright or regulating the duration or frequency of stays, provided local rules were not enacted before June 1, 2011. In June 2024, Governor DeSantis vetoed SB 280, which would have further expanded state preemption, leaving the current regulatory framework largely unchanged. Enforcement severity is rated moderate.
Market Comparison
Panama City’s STR market occupies a distinct position relative to both national benchmarks and the broader Panhandle region.
US STR market median occupancy runs approximately 55%, and Panama City’s April 2026 occupancy of 54.7% sits essentially at that benchmark. The US median ADR is approximately $220; Panama City’s $298 average exceeds that by 35%, reflecting the Gulf Coast location premium and the dominance of entire-place rentals, which inherently command higher nightly rates than room-level inventory.
Compared to neighboring Panama City Beach (a separate municipality), Panama City proper is a smaller, less liquidity-dense STR market. It attracts military-adjacent travelers, boating and fishing visitors, and downtown arts and culture visitors rather than the mass Gulf-front beach tourist segment. This mix translates to lower peak-season ceilings but also supports a more resilient shoulder-season base from Tyndall Air Force Base traffic.
The professional management landscape is competitive and consolidated. Vacasa leads with 1,194 listings and 39,907 reviews (rating 4.32). Panhandle Getaways holds 852 listings and 9,635 reviews (rating 4.48). RealJoy manages 681 listings with 23,563 reviews (rating 4.49). Southern Vacation Rentals by Vtrips follows at 594 listings and 6,259 reviews (rating 4.24). Emerald Coast Destinations rounds out the top five with 426 listings and 22,520 reviews (rating 4.29). These five operators collectively manage 3,747 listings, representing a significant share of the professionally-managed segment.
Frequently Asked Questions About Panama City, Florida
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