Palm Bay, FL Rental Market Trends
Last updated: August 01, 2026 | Source: RentCafe Market Analysis, Yardi Matrix, U.S. Census Bureau
Highlights
The average rent for an apartment in Palm Bay is $1,586, a 0.8% increase compared to the previous year, when the average rent was $1,574.
Studio Apartments at $985 offer the most budget-friendly option with 329 square feet, ideal for single renters prioritizing location over space.
One-bedroom apartments provide 725 square feet for $1,420, balancing privacy and affordability.
Two-bedroom units at $1,671 offer 1,037 square feet, perfect for roommates or small families.
Three-bedroom apartments deliver maximum space (1,282 sq ft) for $2,002, suitable for larger households.
Average rent in Palm Bay, FL
Last updated: August 01, 2026
| Average Rent | Average Apartment Size | |
|---|---|---|
| All Rentals | $1,586 | 916 sq. ft. |
| Studio | $985 | 329 sq. ft. |
| 1 Bed | $1,420 | 725 sq. ft. |
| 2 Beds | $1,671 | 1,037 sq. ft. |
| 3 Beds | $2,002 | 1,282 sq. ft. |
Palm Bay, FL rent trends
Rental prices in Palm Bay, FL have increased by 0.8% over the past year. The average rent moved from $1,574 to $1,586.
What's the typical rent budget in Palm Bay, FL?
The largest share of rentals in Palm Bay, FL (47%) fall between $1,501-$2,000 per month. This suggests that most people succesfully find suitable apartments within this price.
Do most people rent or own in Palm Bay, FL?
9,295 or 20% of the households in Palm Bay, FL are renter-occupied while 36,555 or 80% are owner-occupied.
How Palm Bay Compares to Other Cities
| City | Average Rent |
|---|---|
| Palm Bay | $1,586 |
| Jacksonville | $1,517 |
| Miami | $2,770 |
| Tampa | $2,014 |
| Kissimmee | $1,855 |
| Orlando | $1,812 |
| Cape Coral | $1,715 |
| Fort Myers | $1,748 |
| West Palm Beach | $2,477 |
| St. Petersburg | $2,069 |
| Port St. Lucie | $2,130 |
| Fort Pierce, FL | $1,774 |
| Saint Cloud, FL | $2,054 |
| Oviedo, FL | $2,234 |
| Jensen Beach, FL | $2,048 |
| Vero Beach, FL | $2,097 |
| Rockledge, FL | $1,816 |
| West Melbourne, FL | $1,733 |
| Cocoa, FL | $1,714 |
| Lake Wales, FL | $1,387 |
Where this data comes from
The rental statistics on this page were compiled by RentCafe.com, a nationwide apartment search website trusted by millions of renters to find apartments and houses for rent throughout the U.S.
Rent prices, trends, and apartment sizes were calculated based on data from our sister company, Yardi Matrix, an apartment market intelligence solution that covers approximately 90% of the U.S. metro area population. The data includes comprehensive information on all Palm Bay apartment buildings with 50 or more units, totaling 23.5 million apartments across 181 U.S. markets.
Housing composition data was sourced from the U.S. Census Bureau, using the most recently available information by tenure.