Average Rent in Palm Bay, FL

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Current Versus Historical Palm Bay, FL Rents

Palm Bay rentals average $1,100 for a studio rental to $2,400 for a 4-bedroom rental. The median price of all currently available listings is $2,050, or roughly $16 per square feet.

For the apartment units and housing in July 2026, median rents have risen over the last year. Studio rentals prices have decreased by $100 (-8.33%) year-over-year from $1,200 to $1,100. 1-bedroom rentals prices have increased by $100 (8.70%) year-over-year from $1,150 to $1,250. 2-bedroom rentals prices have increased by $83 (5.68%) year-over-year from $1,467 to $1,550. 3-bedroom rentals prices have increased by $118 (6.25%) year-over-year from $1,882 to $2,000. 4-bedroom rentals prices have increased by $117 (5.11%) year-over-year from $2,283 to $2,400. Note that this figure includes all active and rented listings throughout the month.

Month-to-month, seasonality might have a bigger impact than overall trend price changes. Studio rents have gone down by 2.22% this month. 1-bedroom rents have gone down by 13.69% this month. 2-bedroom rents have gone down by 13.55% this month. 3-bedroom rents have gone up by 2.56% this month. 4-bedroom rents have gone up by 4.73% this month.

Beds	Price / Sqft	Jul 2026 Rent	1 Yr Ago Rent (% +/-)	3 Yr Ago Rent (% +/-)
Studio	$39.29	$1,100	$1,200 (-8.33%)	$2,675 (-58.88%)
1 BR	$23.82	$1,250	$1,150 (8.70%)	$1,242 (0.67%)
2 BR	$18.71	$1,550	$1,467 (5.68%)	$1,557 (-0.42%)
3 BR	$16.46	$2,000	$1,882 (6.25%)	$1,983 (0.86%)
4+ BR	$14.71	$2,400	$2,283 (5.11%)	$2,233 (7.46%)

Historical Rents in Palm Bay, FL

Studio

1 Bed

2 Bed

3 Bed

4 Bed

Top Cities Near Palm Bay

There are a total of 2 cities nearby Palm Bay. The average rent in Palm Bay is currently $2,000 per month. Only one city nearby has an average rent lower than that. Our records show that Melbourne, FL, with an average rent of $1,900, is the most affordable city nearby. In contrast, the most expensive city near Palm Bay, FL is West Melbourne, FL. Monthly rents here are on average $2,100 per month.

Let's compare Palm Bay, FL's rent against other top cities nearby by bedroom size. Typically, rent for studios in Palm Bay, FL is 40.91% more expensive than other cities nearby. One bedrooms are about 7.00% more affordable. Two bedrooms in Palm Bay, FL are about 11.69% more affordable. Finally, rent for three bedrooms are about 10.00% more affordable. Want more information? Check out the top 2 cities near Palm Bay, FL in the following table.

City	Studio	1 Bed	2 Bed	All
Melbourne, FL	$1,300	$1,275	$1,725	$1,900
West Melbourne, FL	N/A	$1,400	$1,738	$2,100

Top Neighborhoods Near Palm Bay

There are a total of 1 neighborhoods in or near Palm Bay. One neighborhood in the area is Port Malabar Country Club. We've included all of these top 1 neighborhoods in or near Palm Bay, FL in the following table.

The average rent for these 1 neighborhoods in or near Palm Bay, FL is currently around $1,725 per month. A total of one neighborhood has a lower average rent. Interestingly, the neighborhoods' average rent is less than Palm Bay's average rent, which is actually $2,050. Out of all the neighborhoods in or near Palm Bay, Port Malabar Country Club has the most affordable average rent at $1,725 per month. Whereas, at $1,725 average rent per month, Port Malabar Country Club is the most expensive neighborhood in or near Palm Bay. View the following table for more information.

Neighborhood	Studio	1 Bed	2 Bed	All
Port Malabar Country Club, Palm Bay, FL	N/A	$1,300	$1,500	$1,725

Top Counties Near Palm Bay

There are a total of 4 counties located by Palm Bay, FL. Some of these counties include Melbourne, FL, Palm Bay, FL, and Indialantic-Melbourne Beach, FL. The average rent for rentals in these counties is $2,375. That's roughly around $21 per sqft. A total of 2 counties have a lower average rent. The county that is the most affordable is Melbourne, FL. Its average rent per month is $1,950. Vice versa, with an average rent of $3,000, Melbourne Shores-Floridana Beach, FL is the most expensive county by Palm Bay, FL.

Typically, rent for studios in Palm Bay, FL is 9.09% more affordable than other counties nearby. In comparison, rent for one bedroom listings in Palm Bay, FL is 1.80% more affordable than other counties nearby. Finally, rent for two bedrooms in Palm Bay, FL is 26.61% more affordable than other counties nearby. We've listed all of these counties in the table below.

County	Studio	1 Bed	2 Bed	All
Melbourne, FL	$1,300	$1,295	$1,700	$1,950
Palm Bay, FL	$1,100	$1,250	$1,550	$2,050
Indialantic-Melbourne Beach, FL	$1,600	$1,650	$2,225	$2,700
Melbourne Shores-Floridana Beach, FL	N/A	N/A	$2,300	$3,000

Top Zipcodes Near Palm Bay

There are a total of 6 zipcodes in or near Palm Bay, FL. The average rent for all of these zipcodes is $1,975. A total of 3 zipcodes have an average rent that is lower than that. The zipcode with the most affordable average rent for apartment listings is 32905, Palm Bay, FL at $1,700 per month. In comparison, the zipcode with the most expensive average rent of $2,650 per month is 32940, Viera West, FL.

Do you need more space than that? Average rent for one bedroom rentals for the zipcodes in or near Palm Bay, FL is $1,363 per month. Or in other words, $24 per sqft. Meanwhile, two bedroom apartments will cost you an average of $1,700 per month. Which comes out to $20 per sqft. The following table includes the top 6 zipcodes in Palm Bay, FL. You can view the average rent breakdown for each zipcode by bedroom size.

Zipcode	Studio	1 Bed	2 Bed	All
32905, Palm Bay, FL	N/A	$1,275	$1,550	$1,700
32937, Indian Harbour Beach, FL	N/A	$1,450	$2,125	$2,650
32901, Melbourne, FL	$900	$1,275	$1,663	$1,775
32904, June Park, FL	N/A	$1,500	$1,700	$2,150
32935, Melbourne, FL	$1,300	$1,275	$1,700	$1,800
32940, Viera West, FL	N/A	$1,450	$1,900	$2,650

Frequently Asked Questions - Palm Bay Average Rents

What is the average rent price in Palm Bay, FL?

The average monthly rental price for Palm Bay, FL apartments for rent is approximately $2,050. This calculation takes into consideration rental listings of varying bedroom/bathroom sizes, building types, and locations.

Do Palm Bay, FL rent prices drop in winter?

Yes! On average we see a 3.4% drop in rental prices between the peak summer months and the slower winter months. With the added bonus of decreased competition from other renters looking to move, winter is generally considered the best time of the year to find an apartment for rent in Palm Bay, FL.

How much is a studio apartment in Palm Bay, FL?

The average monthly rental price for studio apartments is $1,100 and an average price per square feet of $39.29. There are a total of 1 studio apartment listings currently available for rent in Palm Bay.

How much is a one bedroom apartment in Palm Bay, FL?

The average monthly rental price for one bedroom apartments is $1,250 and an average price per square feet of $23.82. There are a total of 15 one bedroom apartment listings currently available for rent in Palm Bay.

How much is a two bedroom apartment in Palm Bay, FL?

The average monthly rental price for two bedroom apartments is $1,550 and an average price per square feet of $18.71. There are a total of 49 two bedroom apartment listings currently available for rent in Palm Bay.

How have rent prices in Palm Bay, FL changed this year?

Rent prices for rentals in Palm Bay, FL can fluctuate yearly. Specifically, studio rental prices have changed by -0.08%, one bedroom rental prices have changed by 0.09%, two bedroom rental prices have changed by 0.06%, three bedroom rental prices have changed by 0.06% year-over-year.

What is a reasonable rent price in Palm Bay, FL?

A reasonable rent price in Palm Bay, FL is around $1,640/month. You can search for these reasonably priced rental listings on RentHop.