Average Rent in Palm Bay, FL↑ Rents rising 4.1% YoY

Palm Bay, FL has rental prices ranging from $1,327/month to $2,707/month in 2027, depending on unit size. The typical 1-bedroom apartment rents for $1,525/month — 9% above the national average of $1,400/month. With a median household income of $75,817/year, spending $1,525/month on a 1-bedroom represents 24% of gross income — within the recommended 30% threshold.

How Palm Bay Compares

With an average 2-bedroom rent of $1,779/month, Palm Bay ranks #12 most expensive of the 56 cities tracked in Florida — pricier than 94% of all US cities in our data.

The Palm Bay Rental Market

The Palm Bay, FL area has a population of about 620,533 and 23% of households renting rather than owning. That renter share runs below the US average of ~34%, a more homeowner-heavy market where rental inventory can be limited.

Rent Trends

2-bedroom rents in Palm Bay, FL have risen by $70/month (4.1%) over the past year, from $1,709 to $1,779. This modest growth is consistent with broader inflationary trends seen across US rental markets.

Affordability

To afford a 1-bedroom apartment in Palm Bay, FL without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $61,000. The local median household income of $75,817 exceeds that threshold by $14,817, making Palm Bay relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Palm Bay, FL is $303,347, giving a price-to-rent ratio of 14.2. The break-even point between renting and buying is roughly 14 years — renting offers more flexibility for shorter stays, while buying makes more sense for long-term residents.

Is Palm Bay, FL Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Palm Bay?

Break-even analysis and mortgage estimates based on local market data.

Living in Palm Bay

Cost of living, job market, crime rates, and moving cost estimates.