Palm Bay Florida Residential Rent and Rental Statistics
The median monthly gross residential rent in Palm Bay, FL (the Palm Bay-Melbourne-Titusville metro area) was $1,132 in 2019 according to the Census ACS survey.1 Average gross rent in Palm Bay was $1,151 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Palm Bay median and average rent data will be released in September of 2021.
Data is also available below for Palm Bay rental vacancy rates, Palm Bay rent as a percent of median income and the fraction of renters in Palm Bay.
Real Gross Rent in Palm Bay Florida (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Florida Median Gross Rent | $1,238 | +2.91% | +8.88% |
| Palm Bay, FL Median Gross Rent | $1,132 | +3.57% | +12.41% |
Palm Bay, FL Real Gross Rent Trends
At $1,132, real median gross rent in Palm Bay was at its highest level in 2019 since the series began in 2005. At $1,151, real average gross rent in Palm Bay was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Palm Bay: Palm Bay FL Median, Palm Bay FL Average, Florida Median, US Median
Real Gross Rent History for Palm Bay
| Date | US Median |
Florida Median |
Palm Bay, FL Median |
Palm Bay, FL Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,238 | $1,132 | $1,151 |
| 2018 | $1,077 | $1,203 | $1,093 | $1,102 |
| 2017 | $1,043 | $1,163 | $1,044 | $1,089 |
| 2016 | $1,027 | $1,137 | $1,007 | $1,013 |
| 2015 | $1,017 | $1,110 | $1,035 | $1,068 |
| 2014 | $986 | $1,059 | $976 | $972 |
| 2013 | $953 | $1,024 | $922 | $931 |
| 2012 | $940 | $1,015 | $929 | $961 |
| 2011 | $941 | $1,025 | $922 | $926 |
| 2010 | $955 | $1,058 | $976 | $982 |
| 2009 | $960 | $1,085 | $1,006 | $977 |
| 2007 | $927 | $1,087 | $1,027 | $1,039 |
| 2005 | $910 | $1,011 | $954 | $969 |
Palm Bay Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Palm Bay Florida was 13.47% according to Census ACS data.
Rental Vacancy Rate in Palm Bay Florida
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Florida | 8.72% | +0.20% | +0.42% |
| Palm Bay, FL | 13.47% | +1.96% | +2.82% |
Trends in Palm Bay, FL Rental Vacancy Rate
The rental vacancy rate in Palm Bay peaked in 2007 at 18.80%. Since then it has fallen by 5.33% to 13.47%. Data records for this series originated in 2005.
Rental Vacancy Rate: Palm Bay FL, Florida, US
Historical Rental Vacancy Rate data for Palm Bay
| Date | US | Florida | Palm Bay, FL |
|---|---|---|---|
| 2019 | 5.97% | 8.72% | 13.47% |
| 2018 | 6.15% | 8.52% | 11.51% |
| 2017 | 6.18% | 9.16% | 11.17% |
| 2016 | 5.89% | 8.30% | 10.65% |
| 2015 | 5.85% | 7.79% | 9.78% |
| 2014 | 6.32% | 8.66% | 9.72% |
| 2013 | 6.49% | 9.22% | 11.64% |
| 2012 | 6.77% | 9.37% | 14.64% |
| 2011 | 7.40% | 10.91% | 13.28% |
| 2010 | 8.17% | 12.17% | 13.14% |
| 2009 | 8.43% | 13.16% | 14.96% |
| 2007 | 7.87% | 11.55% | 18.80% |
| 2005 | 7.74% | 7.72% | 9.47% |
Rent as a Fraction of Income
Using median household income data for Palm Bay, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Palm Bay, median monthly gross rent as a fraction of median household income was 23.70% in 2019 according to the ACS.
Palm Bay Florida Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Florida | 25.08% | -0.49% | -0.54% |
| Palm Bay, FL | 23.70% | +1.44% | +1.15% |
Trends in Palm Bay, FL Rent as a Fraction of Income
Palm Bay renters paid 23.70% of median household income towards the median monthly gross rent in 2019. This is the highest fraction of median household income going to rent since the series originated in 2005.
Fraction of Income towards Rent: Palm Bay FL, Florida, US
Historical Data for Annual Rent as a Fraction of Income in Palm Bay Florida
| Date | US | Florida | Palm Bay, FL |
|---|---|---|---|
| 2019 | 20.03% | 25.08% | 23.70% |
| 2018 | 20.50% | 25.57% | 22.26% |
| 2017 | 20.13% | 25.74% | 23.14% |
| 2016 | 20.43% | 25.62% | 22.55% |
| 2015 | 20.63% | 25.40% | 23.23% |
| 2014 | 20.89% | 25.36% | 23.14% |
| 2013 | 20.78% | 25.34% | 22.62% |
| 2012 | 20.65% | 25.42% | 22.69% |
| 2011 | 20.70% | 25.71% | 22.07% |
| 2010 | 20.50% | 25.59% | 22.64% |
| 2009 | 20.12% | 25.54% | 23.34% |
| 2007 | 18.66% | 23.22% | 20.83% |
| 2005 | 18.89% | 22.88% | 21.15% |
Renter Fraction in Palm Bay Florida
You can calculate the renter fraction in Palm Bay in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Palm Bay as a fraction of total Palm Bay households. In 2019 22.49% of households were renters according to Census ACS data.
Palm Bay Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Florida | 33.75% | -0.33% | -2.12% |
| Palm Bay, FL | 22.49% | -1.86% | -5.24% |
Trends in the Palm Bay, FL Renter Fraction
The Palm Bay household renter fraction peaked in in 2014 at 30.65% and is now 8.16% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Palm Bay FL, Florida, US
History of Palm Bay Renter Fraction
| Date | US | Florida | Palm Bay, FL |
|---|---|---|---|
| 2019 | 35.89% | 33.75% | 22.49% |
| 2018 | 36.05% | 34.08% | 24.35% |
| 2017 | 36.13% | 34.85% | 26.28% |
| 2016 | 36.88% | 35.87% | 27.73% |
| 2015 | 36.97% | 36.22% | 29.98% |
| 2014 | 36.90% | 35.95% | 30.65% |
| 2013 | 36.50% | 35.21% | 28.42% |
| 2012 | 36.09% | 34.36% | 27.12% |
| 2011 | 35.42% | 33.28% | 27.16% |
| 2010 | 34.65% | 31.85% | 25.04% |
| 2009 | 34.13% | 31.52% | 26.86% |
| 2007 | 32.80% | 29.39% | 23.05% |
| 2005 | 33.10% | 30.43% | 26.22% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
