Disclaimer: Covid-19 may have impacted rent prices in a way that is not yet reflected in our reports. When referencing the data published on this page, please keep in mind that the data provided here may not accurately depict the current reality of the market.
Palm Bay, FL Rental Market Trends
What is the average rent in Palm Bay?
The average rent for an apartment in Palm Bay is $1,147, a 5% increase compared to the previous year, when the average rent was $1,088.
Average Rent in Palm Bay, FL
Last updated May 2021
| Average Rent | Y-o-Y Change | Average Apartment Size |
|---|---|---|
| $1,147 | 5% | 908 sq. ft. |
What is the average apartment size in Palm Bay?
The average size for a Palm Bay, FL apartment is 908 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-$1,00029%
- $1,001-$1,50067%
- $1,501-$2,0004%
Palm Bay, FL Occupied Housing Units
- Renter-occupied Households31%
- Owner-occupied Households68%
12,241 or 31% of the households in Palm Bay, FL are renter-occupied while 26,245 or 68% are owner-occupied.
Palm Bay, FL Rent Trends
| Average Rent | Mar / 2018 | Jul / 2018 | Nov / 2018 | Mar / 2019 | Jul / 2019 | Nov / 2019 | Mar / 2020 | Jul / 2020 | Nov / 2020 | May / 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Palm Bay, FL | $947 | $953 | $1,036 | $1,001 | $1,064 | $1,023 | $1,088 | $1,091 | $1,132 | $1,147 |
| National | $1,346 | $1,355 | $1,359 | $1,356 | $1,391 | $1,398 | $1,400 | $1,390 | $1,395 | $1,407 |
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Average Rent in Palm Bay, FL By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| Grant-Valkaria | $1,303 |
| St Sebastian | $1,303 |
/
Palm Bay | Rent Comparison by Neighborhood
Rent in Grant-Valkaria is the same as in St Sebastian
$1,303
Grant-Valkaria rent is 14% higher than Palm Bay average
| Average Rent | $1,303 |
|---|
$1,303
St Sebastian rent is 14% higher than Palm Bay average
| Average Rent | $1,303 |
|---|
How Palm Bay Compares to Other Cities
| Average Rent | Y-o-Y Change | |
|---|---|---|
| Jacksonville | $1,173 | 5% |
| Tampa | $1,432 | 5% |
| Miami | $1,754 | 2% |
| Orlando | $1,432 | n/a |
| Kissimmee | $1,363 | n/a |
| Winter Haven | $1,052 | 4% |
| Palm Bay | $1,147 | 5% |
| Poinciana | $1,415 | 12% |
| Pine Hills | $1,134 | 1% |
| Oviedo | $1,743 | -1% |
| Davenport | $1,465 | -3% |
Most Popular Apartments in Palm Bay
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 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.