Rents are 14% below what Palm Bay'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 $1,842 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
December. Asking rents in Palm Bay usually run 0.8% below trend in December and 0.7% above it in July, about $28 a month apart at today's median. Based on 11 years of data.
Rent in Palm Bay is at its highest level since Zillow's records here began in January 2015.
Rent in Palm Bay changed +2.2% 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 Palm Bay rose 44.6% while median household income rose 41.3% ($51,408 to $72,614). Rent outpaced income.
Rent in Palm Bay is 43.7% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 5 months in a row, and rose in 10 of the last 12 months.
30% of the median household income ($72,614) is $1,815 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,708); a 3-bedroom is $2,323.
The priciest of 4 ZIP codes in Palm Bay, 32907 ($2,102/mo), costs 32% more than the cheapest, 32905 ($1,591/mo).
From Zillow's monthly rent index (ZORI) for Palm Bay. 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.
Is your rent fair?
Compare your rent to the local median.
Who lives here
Palm Bay, FL is majority owner-occupied, 24% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Palm Bay, FL has changed in 5 years
Five years ago, renters in Palm Bay, FL paid around $1,413 a month. That figure now sits near $1,842, up 30.4% from the 2021 baseline. On the earnings side, the typical household in Palm Bay, FL now reports about $72,614, up from $55,963 in 2021. Census counts show Palm Bay, FL adding about 11,423 residents over the five-year window, up 9.6% on net. Bachelor's-degree-or-higher attainment moved from 21.3% to 24% across the same window. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and Palm Bay, FL reflects that arc in its own way.
Discussions about Palm Bay
No discussions yet. Start the conversation.
Can you afford rent in Palm Bay on your salary?
At $1,842/mo, how Palm Bay rent compares to typical pay (30% rule).
Palm Bay rent by bedroom count
Median rent for each apartment size in Palm Bay. Click any size for full breakdown.
Tips for renters in Palm Bay
Last updated: October 17, 2026
The median rent in Palm Bay is $1,842/mo as of October 2026. A studio apartment averages $1,258/mo while a 2-bedroom runs $1,708/mo. One-bedroom apartments average $1,470/mo and 3-bedroom units go for $2,323/mo.
At 30% of local median household income ($72,614/yr), Palm Bay ranks as moderate compared to the national benchmark of 30%. Rents have increased 2.2% over the past year.
Frequently asked questions
How much income do you need to rent in Palm Bay?
Is rent going up or down in Palm Bay?
When is the cheapest time to rent in Palm Bay?
Has rent outpaced income in Palm Bay?
Which Palm Bay neighborhoods have the lowest rent?
How does Palm Bay rent compare to other cities in Florida?
Which nearby cities are cheaper to rent in than Palm Bay?
At $1,842/mo, rent takes ~30% of Palm Bay's median household income ($72,614/yr). The standard benchmark is 30%.
How does this area stack up?
Pick another city or ZIP to compare.
Estimated from ZIP-level data
Be the first to submit your rent for Palm Bay.
No discussions yet.