Merritt Island, Florida Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Merritt Island, Florida rental market.
Merritt Island, Florida
Average Apartment Rent
$1,243
Y-o-Y Change in Average
Apartment Rent
1%
As of March 2026
Compared to a year ago, Merritt Island, Florida apartments have recorded a 1% rent increase.
Merritt Island, Florida Average apartment rent trend
Merritt Island, Florida Average Apartment Rent
Merritt Island, Florida Apartment rent ranges
At 79.75%, apartments priced $1,000 - $1,500 represent the bulk of Merritt Island, Florida rentals, while condos priced $1,500 - $2,000 hold the lowest share of the market – 2.07%.
Merritt Island, Florida Housing tenure**
Renters take up 19% of Merritt Island, Florida real estate, occupying a total of 2,563 units, while homeowners live in 11,124 properties.
Median number of rooms of renter-occupied housing units**
4.6
Renter median household income**
$51,760
Average household size of renter-occupied housing units**
2.49
Rental vacancy rate**
20.4%
Merritt Island, Florida Renter-occupied housing units by no. of bedrooms**
There are 892 rentals in Merritt Island, Florida with 3 beds making up the highest share of the market, at 35%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 38 units. Overall, the median number of rooms in Merritt Island, Florida homes for rent is 4.6.
Merritt Island, Florida Renter-occupied units by age of householder**
Most condos for rent in Merritt Island, Florida are occupied by residents in the 45 - 54 years age group (21%), followed by those in the 65 - 74 years age group (15%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 3%.
Merritt Island, Florida Renter-occupied housing units by family type**
Merritt Island, Florida Renter-occupied housing units by the presence of own children**
A total of 1,393 apartments for rent in Merritt Island, Florida, or 54% of all rentals are family households. Additionally, 27% of rental homes include children under the age of 18 – that’s 690 units. All in all, the median size of a renter-occupied household in Merritt Island, Florida is 2.49.
Merritt Island, Florida Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 26% of the rental market. In contrast, residents with less than a high school degree reside in 8% of the homes for rent in Merritt Island, Florida.
Merritt Island, Florida Renter-occupied units by year structure built**
The highest share of Merritt Island, Florida apartment rentals, namely 28% or 711 units, were Built 1960 - 1969, followed by those Built 1970 - 1979 (26%, 654 units), and the ones Built 1980 - 1989 (17%, 443 units).
Merritt Island, Florida Renter-occupied units by year householder moved in**
Median year renter moved into unit 2017
Most Merritt Island, Florida renters (44%) moved in 2010 to 2017, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Merritt Island, Florida condos for rent is 2017.
Merritt Island, Florida Renter-occupied housing units by vehicles available**
When it comes to transportation options, 50% of Merritt Island, Florida renters have 1 vehicle available per household, 30% of them have 2 vehicles available, and 10% have No vehicle available.
Merritt Island, Florida Means of transportation to work of householders living in renter-occupied housing units**
Merritt Island, Florida Geographical mobility in the past year for householders living in renter-occupied housing units**
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Merritt Island, Florida apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
