After Hurricane Michael hit, a majority of both Lynn Haven and Panama City were left with a lot of rubble. Many of the apartment complexes were seen as unlivable.
“We could pass by any apartment complex and saw that it was totally destroyed so people just didn’t have anywhere to live,” Lynn Haven City Manager Vickie Gainer said.
As apartments were being rebuilt, both cities saw a sharp rise in rent.
“There was a high demand for them and where there was some rentals, even all over the county, that maybe a two-bedroom was $900 and went up to $1,500 or $1,600,” Gainer said.
Officials say Lynn Haven lost more than 1,200 utility accounts after the hurricane, but are anticipating reaching the pre-hurricane stage, in terms of accounts, in the next month.
“It says something about the city of Lynn Haven, people are ready to move back in and enjoy the great quality of life that we give here,” Gainer said.
According to a new report from Rent.com, the cities of Lynn Haven and Panama City are both in the top ten cheapest places to live in Florida. It shows, on average, a one-bedroom apartment rental going for roughly $900 per month. But, some realtors find that hard to believe.
“Overall, looking at the prices, pre–Hurricane Michael and post-Hurricane Michael with rental prices increasing, I’m finding it hard to believe that Panama City and Lynn Haven are considered in that category,” THINK Real Estate Realtor Cory Brown said.
Lynn Haven City Manager Vickie Gainer said she has seen a few properties with lower pricing.
“We were looking at their pricing and we did see that some of the pricing was a little bit lower, $899 rentals,” she said.
Gainer says she hopes that as more apartments are built, there will be more of a decrease in rental prices.
– Courtesy WJHG-TV