Department of Numbers

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 $962 in 2016 according to the Census ACS survey.1 Average gross rent in Palm Bay was $967 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Palm Bay median and average rent data will be released in September of 2018.

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.

Show dollars as: Nominal Real

Real Gross Rent in Palm Bay Florida (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Florida Median Gross Rent $1,086 +2.45% +11.04%
Palm Bay, FL Median Gross Rent $962 -2.73% +9.19%

Palm Bay, FL Real Gross Rent Trends

Median gross rent for Palm Bay peaked in real terms in 2008 at $1,026 and is now $64 (6.24%) lower. From a recent low of 881.0 in 2011, real median gross rent has now increased by $81 (9.19%). Average gross rent for Palm Bay peaked in real terms in 2008 at $1,027 and is now $60 (5.84%) lower. From a recent low of 884.0 in 2011, real average gross rent has now increased by $83 (9.39%).

Real Gross Rent in Palm Bay: Palm Bay FL Median, Palm Bay FL Average, Florida Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Palm Bay

Date US
Median
Florida
Median
Palm Bay, FL
Median
Palm Bay, FL
Average
2016 $981 $1,086 $962 $967
2015 $972 $1,060 $989 $1,020
2014 $942 $1,011 $932 $929
2013 $910 $978 $881 $889
2012 $898 $969 $887 $917
2011 $898 $979 $881 $884
2010 $912 $1,011 $932 $938
2009 $916 $1,036 $961 $933
2008 $932 $1,071 $1,026 $1,027
2007 $885 $1,038 $981 $992
2006 $895 $1,023 $958 $994
2005 $869 $966 $911 $925

Palm Bay Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Palm Bay Florida was 10.65% according to Census ACS data.

Rental Vacancy Rate in Palm Bay Florida

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Florida 8.30% +0.51% -0.92%
Palm Bay, FL 10.65% +0.87% -0.99%

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 8.15% to 10.65%. Data records for this series originated in 2005.

Rental Vacancy Rate: Palm Bay FL, Florida, US

Rental vacancy rate in Florida

Historical Rental Vacancy Rate data for Palm Bay

Date US Florida Palm Bay, FL
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%
2008 7.86% 12.67% 18.68%
2007 7.87% 11.55% 18.80%
2006 7.70% 8.32% 15.94%
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 22.55% in 2016 according to the ACS.

Palm Bay Florida Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Florida 25.62% +0.23% +0.29%
Palm Bay, FL 22.55% -0.68% -0.07%

Trends in Palm Bay, FL Rent as a Fraction of Income

The fraction of median Palm Bay household income required to pay median monthly gross rent peaked in 2009 (relative to the 2005 series origin) at 23.34%. Since then it has fallen by 0.79% to 22.55%.

Fraction of Income towards Rent: Palm Bay FL, Florida, US

Percent of median household income going towards median monthly gross rent in Palm Bay Florida

Historical Data for Annual Rent as a Fraction of Income in Palm Bay Florida

Date US Florida Palm Bay, FL
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%
2008 19.00% 23.79% 22.03%
2007 18.66% 23.22% 20.83%
2006 18.90% 23.00% 21.16%
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 2016 27.73% of households were renters according to Census ACS data.

Palm Bay Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Florida 35.87% -0.35% +0.66%
Palm Bay, FL 27.73% -2.25% -0.69%

Trends in the Palm Bay, FL Renter Fraction

The Palm Bay household renter fraction peaked in in 2014 at 30.65% and is now 2.92% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Palm Bay FL, Florida, US

Fraction of renters in Palm Bay

History of Palm Bay Renter Fraction

Date US Florida Palm Bay, FL
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%
2008 33.36% 30.33% 24.75%
2007 32.80% 29.39% 23.05%
2006 32.73% 29.72% 22.00%
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.