West Melbourne, 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 West Melbourne, Florida rental market.
Highlights
An apartment for rent in West Melbourne, Florida typically goes for $1,778 per month, while a single-family home for rent in West Melbourne, Florida has a monthly cost of around $2,501. Renter-occupied units make up 22% of the local housing market, while the rental vacancy rate in West Melbourne, Florida is at 5.
West Melbourne, Florida
Average Apartment Rent
$1,778
Y-o-Y Change in Average
Apartment Rent
0.1%
Average Single-Family Rent
$2,501
As of July 2024
Compared to a year ago, West Melbourne, Florida apartments have recorded a 0.1% rent increase.
West Melbourne, Florida |Average apartment rent trend
West Melbourne, Florida| Average apartment rent
West Melbourne, Florida | Apartment rent ranges
At 77.17%, apartments priced $1,500 - $2,000 represent the bulk of West Melbourne, Florida rentals, while condos priced $1,000 - $1,500 hold the lowest share of the market – 7.69%.
West Melbourne, Florida | Housing tenure**
Renters take up 22% of West Melbourne, Florida real estate, occupying a total of 2,149 units, while homeowners live in 7,831 properties.
Median number of rooms of renter-occupied housing units**
4.2
Renter median household income**
$57,330
Average household size of renter-occupied housing units**
2.29
Rental vacancy rate**
5%
West Melbourne, Florida | Renter-occupied housing units by no. of bedrooms**
There are 1,045 rentals in West Melbourne, Florida with 2 beds making up the highest share of the market, at 49%. Units with 5 or more beds, on the other hand, hold the lowest percentage (2%), amounting to 50 units. Overall, the median number of rooms in West Melbourne, Florida homes for rent is 4.2.
West Melbourne, Florida |Renter-occupied units by age of householder**
Most condos for rent in West Melbourne, Florida are occupied by residents in the 25 - 34 years age group (27%), followed by those in the 35 - 44 years age group (16%). At the same time, people in the 55 - 59 years age group make up the lowest share of the local rental market – 4%.
West Melbourne, Florida | Renter-occupied housing units by family type**
West Melbourne, Florida | Renter-occupied housing units by the presence of own children**
A total of 1,056 apartments for rent in West Melbourne, Florida, or 49% of all rentals are family households. Additionally, 25% of rental homes include children under the age of 18 – that’s 542 units. All in all, the median size of a renter-occupied household in West Melbourne, Florida is 2.29.
West Melbourne, Florida | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 43% of the rental market. In contrast, residents with less than a high school degree reside in 8% of the homes for rent in West Melbourne, Florida.
West Melbourne, Florida | Renter-occupied units by year structure built**
The highest share of West Melbourne, Florida apartment rentals, namely 27% or 570 units, were Built 2000 - 2009, followed by those Built 2010 - 2019 (21%, 457 units), and the ones Built 1980 - 1989 (17%, 365 units).
West Melbourne, Florida | Renter-occupied units by year householder moved in**
Median year renter moved into unit2019
Most West Melbourne, Florida renters (41%) moved in 2018 to 2020, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their West Melbourne, Florida condos for rent is 2019.
West Melbourne, Florida | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 47% of West Melbourne, Florida renters have 1 vehicle available per household, 38% of them have 2 vehicles available, and 10% have No vehicle available.
West Melbourne, Florida | Means of transportation to work of householders living in renter-occupied housing units**
West Melbourne, Florida |Geographical mobility in the past year for householders living in renter-occupied housing units**
West Melbourne, 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 West Melbourne, 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
