The rental market in Okaloosa County has experienced significant price increases since the onset of the COVID-19 pandemic.
- However, there is some good news on the horizon, as rental prices are expected to stabilize, according to Keith Wood, Vice President of Residential Property Management and Commercial Real Estate at ERA American Real Estate in Shalimar.
“While we may not be expecting prices to go down per se, we are expecting things to start stabilizing,” Wood said.
Despite this stabilization, tenants will still face a supply issue, forcing them to navigate multiple applications that they’re competing against. Wood explained that Okaloosa County’s rental inventory fluctuates from month to month, but as of Monday, there were about 158 available rental properties.
Wood also mentioned that military personnel in the area can impact the availability of rentals: “The availability could fluctuate because of the military getting orders and moving out before that year-to-year cycle that’s typical with a tenancy.”
The county’s rental inventory varies depending on property size. Studios and one-bedroom apartments are in particularly short supply, while larger homes are more readily available.
- “Once you start getting up into three and four bedrooms, there’s a lot more availability and landlords have picked up on that,” said Wood.
With limited options for smaller rentals, many people are now considering finding roommates to have more options. “If you can find a roommate that fully qualifies with you and apply for a residence that accepts roommates, you may have a lot more options available to you,” Wood advised.
As for the areas with the most available inventory, the Fort Walton Beach-Mary Esther-Shalimar area is leading the way, closely followed by Crestview, according to Wood. Niceville ranks third in available inventory, while Destin is currently facing a low inventory of rental properties.
