Rents are 16% below what Palmetto's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $2,155 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
February. Asking rents in Palmetto usually run 0.8% below trend in February and 0.8% above it in November, about $34 a month apart at today's median. Based on 11 years of data.
Rent in Palmetto is 3.4% below its high of $2,232 in March 2025, at $2,155 as of September 2026.
Rent in Palmetto changed -1.6% over the year to September 2026. Across the 270 Florida cities Zillow tracks, the typical change was +1.8%.
From 2019 to 2024, rent in Palmetto rose 60.7% while median household income rose 29.6% ($48,301 to $62,621). Rent outpaced income.
Rent in Palmetto is 52.4% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has fallen 2 months in a row, and rose in 6 of the last 12 months.
30% of the median household income ($62,621) is $1,566 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($1,480); a 2-bedroom is $1,730.
Bradenton, 8 miles away, rents for 18% less ($1,768/mo), about $4,600 a year in savings.
From Zillow's monthly rent index (ZORI) for Palmetto. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Palmetto, FL is majority owner-occupied, has a large retiree population, has a median income below the national average, 28.1% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Palmetto, FL has changed in 5 years
Five years ago, renters in Palmetto, FL paid around $1,608 a month. That figure now sits near $2,155, up 34.0% from the 2021 baseline. Local incomes tracked alongside that move, going from a median of $50,762 in 2021 to $62,621 more recently. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show Palmetto, FL adding about 284 residents over the five-year window, up 2.1% on net. The renter share has eased from 36.8% to 31.2%, with owner-occupied housing accounting for the remainder. Bachelor's-degree-or-higher attainment moved from 23.5% to 28.1% across the same window. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the Palmetto, FL market of 2021.
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Can you afford rent in Palmetto on your salary?
At $2,155/mo, how Palmetto rent compares to typical pay (30% rule).
Palmetto rent by bedroom count
Median rent for each apartment size in Palmetto. Click any size for full breakdown.
Tips for renters in Palmetto
Last updated: October 17, 2026
The median rent in Palmetto is $2,155/mo as of October 2026. A studio apartment averages $1,190/mo while a 2-bedroom runs $1,730/mo. One-bedroom apartments average $1,480/mo and 3-bedroom units go for $2,270/mo.
At 41% of local median household income ($62,621/yr), Palmetto ranks as moderate compared to the national benchmark of 30%. Rents have decreased 1.6% over the past year.
Frequently asked questions
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How does Palmetto rent compare to other cities in Florida?
At $2,155/mo, rent takes ~41% of Palmetto's median household income ($62,621/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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