Real Estate Investing in Tallahassee, Florida (32309)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 32309 (Tallahassee, FL)? Our answer, based on the numbers below.
Solid choice — stable market with a reasonable entry point and good rental backup if you ever need to move.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
What’s happening in Tallahassee, FL (32309)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 32309 Tallahassee
This part of Leon County is not an easy win. The 32309 ZIP sits at softness in key indicators, and the playbook that works in cleaner markets often stalls here.
The 32309 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
Within FL, ZIP 32309 trails on several market indicators that neighboring Leon County submarkets outperform. The gap is real and durable enough to shape underwriting.
Resident income in 32309 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
New investors are better served looking at Tallahassee's stable or hybrid ZIPs before stepping into 32309. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in Tallahassee:
Property Strategy for 32309
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $217,803 | $1,500 | 5.0% | +6.9% | $108,902 |
| 3BR | $346,609 | $1,860 | 3.9% | +6.6% | $115,536 |
| 4BR | $502,024 | $1,990 | 2.9% | +6.8% | $125,506 |
| 5BR | $727,936 | — | — | +7.8% | $145,587 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 32309 Compare?
| Metric | 32309 | Tallahassee | Tallahassee, FL | Florida |
|---|---|---|---|---|
| Home Value | $402,298 | $140,690 | N/A | $374,697 |
| 5-Year CAGR | 4.5% | 4.4% | N/A | 7.4% |
| Avg Rent | $1,619 | $1,604 | N/A | - |
| Cap Rate | 3.1% | 4.4% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 32309 (Tallahassee, FL). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $402,298 |
| Monthly Rent | $1,619 |
| Price-to-Rent | 20.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.8% |
| Cap Rate | 3.1% |
| 5-Year IRR | 7.6% |
📈 Home Appreciation
| 1-Year | +4.3% ▲ |
| 3-Year CAGR | +2.0% ▲ |
| 5-Year CAGR | +4.5% ▲ |
| 10-Year CAGR | +5.3% ▲ |
🏠 Rent Trends
| 1-Year | -1.9% ▼ |
| 3-Year CAGR | +4.4% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.1%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 32309
Population: 33,962
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 32309
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 3,006 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is vacancy a concern in Tallahassee, FL?
Expect elevated vacancy in Tallahassee, FL. Rents at $1,619/mo are absorbed by the tenant base without meaningful lag.
What kind of tenants rent in Tallahassee, FL?
Tallahassee, FL offers a consistent renter base at the $1,619/mo rent level. Tenant turnover is reasonable for well-managed properties.
What is the average monthly rent in Tallahassee, FL?
Expect rents around $1,619/mo per month in Tallahassee, FL. With home values at $402K, the yield math works out to reasonable levels for rental investors.
How landlord-friendly is Tallahassee, FL?
Landlord-friendliness in Tallahassee, FL is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
Is Tallahassee, FL better for rentals, flips, or BRRRR?
For Tallahassee, FL, careful cash-flow rentals with hands-on management is the standard investor playbook. The market structure makes it a reasonable default approach.
You know 32309 now. You don’t know where it ranks.
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How 32309 ranks in Tallahassee, FL
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