Average Rent in Palm Bay, FL↑ Rents rising 14.0% YoY

Palm Bay, FL has rental prices ranging from $1,203/month to $2,545/month in 2025, depending on unit size. The typical 1-bedroom apartment rents for $1,408/month, near the national average. With a median household income of $75,817/year, spending $1,408/month on a 1-bedroom represents 22% of gross income — within the recommended 30% threshold.

How Palm Bay Compares

With an average 2-bedroom rent of $1,635/month, Palm Bay ranks #13 most expensive of the 54 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 $201/month (14.0%) over the past year, from $1,434 to $1,635. This rate of increase is significant and reflects strong rental demand and limited housing supply in the local market.

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 $56,320. The local median household income of $75,817 exceeds that threshold by $19,497, making Palm Bay relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Palm Bay, FL is $305,746, giving a price-to-rent ratio of 15.6. With a break-even horizon of approximately 16 years, renting is likely the more financially prudent option for most residents unless they plan to stay long-term.

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.