Palm Bay, FL Rental Market Trends
Highlights
The average rent for an apartment in Palm Bay is $1,088, a 9% increase compared to the previous year, when the average rent was $1,001.
Average Rent in Palm Bay, FL
| Average Rent | Y-o-Y Change | Average Apartment Size |
|---|---|---|
| $1,088 | 9% | 904 sq. ft. |
The average size for a Palm Bay, FL apartment is 904 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer a more generous square footage.
Palm Bay, FL Apartment Rent Ranges
- $701-$1,00052%
- $1,001-$1,50046%
- $1,501-$2,0003%
Palm Bay, FL Occupied Housing Units
- Renter-occupied Households31%
- Owner-occupied Households68%
12,065 or 31% of the households in Palm Bay, FL are renter-occupied while 26,709 or 68% are owner-occupied.
Palm Bay, FL Rent Trends
| Average Rent | Mar / 2017 | Jul / 2017 | Nov / 2017 | Mar / 2018 | Jul / 2018 | Nov / 2018 | Mar / 2019 | Jul / 2019 | Nov / 2019 | Feb / 2020 |
|---|---|---|---|---|---|---|---|---|---|---|
| Palm Bay, FL | $870 | $890 | $923 | $947 | $953 | $1,036 | $1,001 | $1,064 | $1,023 | $1,088 |
| National | $1,337 | $1,368 | $1,371 | $1,374 | $1,408 | $1,417 | $1,422 | $1,458 | $1,466 | $1,468 |
Average Rent in Palm Bay, FL By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| St Sebastian | $1,196 |
| Grant-Valkaria | $1,196 |
Palm Bay | Rent Comparison by Neighborhood
Rent in Grant-Valkaria is the same as in St Sebastian
Grant-Valkaria rent is 10% higher than Palm Bay average
| Average Rent | $1,196 |
|---|
St Sebastian rent is 10% higher than Palm Bay average
| Average Rent | $1,196 |
|---|
How Palm Bay Compares to Other Cities
| Average Rent | Y-o-Y Change | |
|---|---|---|
| Jacksonville | $1,109 | 4% |
| Tampa | $1,359 | 5% |
| Miami | $1,702 | 2% |
| Gainesville | $1,310 | 4% |
| Orlando | $1,435 | 2% |
| Palm Bay | $1,088 | 9% |
| Saint Cloud | $1,370 | n/a |
| Rockledge | $1,463 | 9% |
| West Melbourne | $1,307 | 3% |
| Viera West | $1,484 | 1% |
| Cape Canaveral | $836 | 5% |
For more information about the Palm Bay rental trends, check out our monthly rent report
Check out Florida Cities, Florida Neighborhoods and Florida Zip Codes for more details on verified listings, including the Florida Average Rent.
Curious about listings in your area? Check out our apartments near you for more details!