Palmetto 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 Palmetto Bay, Florida rental market.
Palmetto Bay, Florida
Average Apartment Rent
$2,106
Y-o-Y Change in Average
Apartment Rent
6.1%
As of July 2024
Compared to a year ago, Palmetto Bay, Florida apartments have recorded a 6.1% rent increase.
Palmetto Bay, Florida |Average apartment rent trend
Palmetto Bay, Florida| Average apartment rent
Palmetto Bay, Florida | Apartment rent ranges
At 50.41%, apartments priced Over $2,000 represent the bulk of Palmetto Bay, Florida rentals, while condos priced $1,000 - $1,500 hold the lowest share of the market – 12%.
Palmetto Bay, Florida | Housing tenure**
Renters take up 22% of Palmetto Bay, Florida real estate, occupying a total of 1,767 units, while homeowners live in 6,348 properties.
Median number of rooms of renter-occupied housing units**
4
Renter median household income**
$49,565
Average household size of renter-occupied housing units**
2.5
Rental vacancy rate**
5.7%
Palmetto Bay, Florida | Renter-occupied housing units by no. of bedrooms**
There are 669 rentals in Palmetto Bay, Florida with 2 beds making up the highest share of the market, at 38%. Units with 5 or more beds, on the other hand, hold the lowest percentage (2%), amounting to 42 units. Overall, the median number of rooms in Palmetto Bay, Florida homes for rent is 4.
Palmetto Bay, Florida |Renter-occupied units by age of householder**
Most condos for rent in Palmetto Bay, Florida are occupied by residents in the 45 - 54 years age group (29%), followed by those in the 35 - 44 years age group (19%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 1%.
Palmetto Bay, Florida | Renter-occupied housing units by family type**
Palmetto Bay, Florida | Renter-occupied housing units by the presence of own children**
A total of 1,106 apartments for rent in Palmetto Bay, Florida, or 63% of all rentals are family households. Additionally, 32% of rental homes include children under the age of 18 – that’s 571 units. All in all, the median size of a renter-occupied household in Palmetto Bay, Florida is 2.5.
Palmetto Bay, Florida | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 47% of the rental market. In contrast, residents with less than a high school degree reside in 17% of the homes for rent in Palmetto Bay, Florida.
Palmetto Bay, Florida | Renter-occupied units by year structure built**
The highest share of Palmetto Bay, Florida apartment rentals, namely 28% or 495 units, were Built 1980 - 1989, followed by those Built 1970 - 1979 (25%, 444 units), and the ones Built 1990 - 1999 (23%, 412 units).
Palmetto Bay, Florida | Renter-occupied units by year householder moved in**
Median year renter moved into unit2016
Most Palmetto Bay, Florida renters (45%) moved in 2010 to 2017, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Palmetto Bay, Florida condos for rent is 2016.
Palmetto Bay, Florida | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 50% of Palmetto Bay, Florida renters have 1 vehicle available per household, 33% of them have 2 vehicles available, and 6% have No vehicle available.
Palmetto Bay, Florida | Means of transportation to work of householders living in renter-occupied housing units**
Palmetto Bay, Florida |Geographical mobility in the past year for householders living in renter-occupied housing units**
Palmetto 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 Palmetto 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
