Palm Bay, 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 Palm Bay, Florida rental market.
Highlights
An apartment for rent in Palm Bay, Florida typically goes for $1,549 per month, while a single-family home for rent in Palm Bay, Florida has a monthly cost of around $2,239. Renter-occupied units make up 20% of the local housing market, while the rental vacancy rate in Palm Bay, Florida is at 5.
Palm Bay, Florida
Average Apartment Rent
$1,549
Y-o-Y Change in Average
Apartment Rent
-4.1%
Average Single-Family Rent
$2,239
As of July 2024
Compared to a year ago, Palm Bay, Florida apartments have recorded a -4.1% rent decrease.
Palm Bay, Florida |Average apartment rent trend
Palm Bay, Florida| Average apartment rent
Palm Bay, Florida | Apartment rent ranges
At 46.55%, apartments priced $1,500 - $2,000 represent the bulk of Palm Bay, Florida rentals, while condos priced $700 - $1000 hold the lowest share of the market – 2.07%.
Palm Bay, Florida | Housing tenure**
Renters take up 20% of Palm Bay, Florida real estate, occupying a total of 8,611 units, while homeowners live in 34,254 properties.
Median number of rooms of renter-occupied housing units**
4.8
Renter median household income**
$48,180
Average household size of renter-occupied housing units**
3.04
Rental vacancy rate**
5%
Palm Bay, Florida | Renter-occupied housing units by no. of bedrooms**
There are 3,939 rentals in Palm Bay, Florida with 3 beds making up the highest share of the market, at 46%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 83 units. Overall, the median number of rooms in Palm Bay, Florida homes for rent is 4.8.
Palm Bay, Florida |Renter-occupied units by age of householder**
Most condos for rent in Palm Bay, Florida are occupied by residents in the 25 - 34 years age group (25%), followed by those in the 45 - 54 years age group (21%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Palm Bay, Florida | Renter-occupied housing units by family type**
Palm Bay, Florida | Renter-occupied housing units by the presence of own children**
A total of 5,822 apartments for rent in Palm Bay, Florida, or 68% of all rentals are family households. Additionally, 44% of rental homes include children under the age of 18 – that’s 3,805 units. All in all, the median size of a renter-occupied household in Palm Bay, Florida is 3.04.
Palm Bay, Florida | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 21% of the rental market. In contrast, residents with less than a high school degree reside in 9% of the homes for rent in Palm Bay, Florida.
Palm Bay, Florida | Renter-occupied units by year structure built**
The highest share of Palm Bay, Florida apartment rentals, namely 37% or 3,187 units, were Built 1980 - 1989, followed by those Built 2000 - 2009 (21%, 1,800 units), and the ones Built 1990 - 1999 (16%, 1,386 units).
Palm Bay, Florida | Renter-occupied units by year householder moved in**
Median year renter moved into unit2017
Most Palm Bay, Florida renters (44%) moved in 2010 to 2017, while only 2% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Palm Bay, Florida condos for rent is 2017.
Palm Bay, Florida | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 48% of Palm Bay, Florida renters have 1 vehicle available per household, 37% of them have 2 vehicles available, and 11% have 3 vehicles available.
Palm Bay, Florida | Means of transportation to work of householders living in renter-occupied housing units**
Palm Bay, Florida |Geographical mobility in the past year for householders living in renter-occupied housing units**
Palm Bay, Florida | Average apartment rent by zip codes
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 Palm Bay, 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
