Average Rent in Palm Bay, FL

Current Versus Historical Palm Bay, FL Rents

Palm Bay rentals average $1,248 for a studio rental to $2,300 for a 4-bedroom rental. The median price of all currently available listings is $2,025, or roughly $1 per square feet.

For the apartment units and housing in June 2024, median rents have fallenover the last year. Studio rentals prices have decreased by $748 (-34.83%) year-over-year from $2,148 to $1,400. 1-bedroom rentals prices have decreased by $125 (-9.80%) year-over-year from $1,275 to $1,150. 2-bedroom rentals prices have decreased by $125 (-7.94%) year-over-year from $1,575 to $1,450. 3-bedroom rentals prices have increased by $9 (0.45%) year-over-year from $1,991 to $2,000. 4-bedroom rentals prices have increased by $33 (1.47%) year-over-year from $2,267 to $2,300. 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 up by 0.60% this month. 1-bedroom rents have gone up by 4.55% this month. 2-bedroom rents have gone down by 3.33% this month. 3-bedroom rents have gone up by 2.33% this month. 4-bedroom rents have gone up by 3.03% this month.

Beds	Price / Sqft	Jun 2024 Rent	1 Yr Ago Rent (% +/-)	3 Yr Ago Rent (% +/-)
Studio	$3.55	$1,400	$2,148 (-34.83%)	$899 (55.69%)
1 BR	$1.71	$1,150	$1,275 (-9.80%)	$1,063 (8.24%)
2 BR	$1.66	$1,450	$1,575 (-7.94%)	$1,200 (20.83%)
3 BR	$1.33	$2,000	$1,991 (0.45%)	$1,600 (25.00%)
4+ BR	$1.20	$2,300	$2,267 (1.47%)	$1,775 (29.58%)

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 $5,498 per month. Only one city nearby has an average rent lower than that. Our records show that Melbourne, FL, with an average rent of $1,995, is the most affordable city nearby. In contrast, the most expensive city near Palm Bay, FL is Wabasso Beach, FL. Monthly rents here are on average $9,000 per month.

Let's compare Palm Bay, FL's rent against other top cities nearby by bedroom size. One bedrooms are about 50.91% more expensive. Two bedrooms in Palm Bay, FL are about 243.22% more affordable. Finally, rent for three bedrooms are about 255.00% more affordable. Want more information? Check out the top 2 cities near Palm Bay, FL in the following chart.

City	Studio	1 Bed	2 Bed	All
Melbourne, FL	N/A	$1,350	$1,625	$1,995
Wabasso Beach, FL	N/A	N/A	$8,500	$9,000

Top Neighborhoods Near Palm Bay

View the following chart for more information.

Neighborhood	Studio	1 Bed	2 Bed	All

Top Counties Near Palm Bay

Some of these counties include Melbourne, FL, Palm Bay, FL, and Indialantic-Melbourne Beach, FL. The average rent for rentals in these counties is $2,050. That's roughly around $2 per sqft. A total of 1 counties have a lower average rent. The county that is the most affordable is Melbourne, FL. It's average rent per month is $2,000. Vice versa, with an average rent of $2,885, Indialantic-Melbourne Beach, FL is the most expensive county by Palm Bay, FL.

In comparison, rent for one bedroom listings in Palm Bay, FL is on par with the other counties nearby. Finally, rent for two bedrooms in Palm Bay, FL is 8.47% more affordable than other counties nearby. We've listed all of these counties in the chart below.

County	Studio	1 Bed	2 Bed	All
Melbourne, FL	N/A	$1,350	$1,600	$2,000
Palm Bay, FL	$1,248	$1,375	$1,488	$2,050
Indialantic-Melbourne Beach, FL	N/A	$1,500	$2,600	$2,885

Top Zipcodes Near Palm Bay

There are a total of 3 zipcodes in or near Palm Bay, FL. The average rent for all of these zipcodes is $2,700.

The following chart includes the top 3 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
32937, Indian Harbour Beach, FL	N/A	N/A	$2,700	$2,900
32935, Melbourne, FL	N/A	$1,350	$1,523	$1,725
32940, Viera West, FL	N/A	$1,375	$1,938	$2,700

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 $2,025. 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 $1,248 and an average price per square feet of $3.55. There are a total of 2 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 $1,375 and an average price per square feet of $1.71. There are a total of 4 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 $1,475 and an average price per square feet of $1.66. There are a total of 19 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 -0.35%, one bedroom rental prices have changed by -0.10%, two bedroom rental prices have changed by -0.08%, and three bedroom rental prices have changed by 0.00% year-over-year.

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

A reasonable rent price in Palm Bay, FL is around $1,620/month. You can search for these reasonably priced rental listings on RentHop.