ZIP 32940
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Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).
12-month history
Last updated: October 17, 2026
What the numbers show
January. Asking rents in ZIP 32940 usually run 0.5% below trend in January and 0.6% above it in August, about $25 a month apart at today's median. Based on 10 years of data.
Rent in ZIP 32940 is at its highest level since Zillow's records here began in October 2016.
Rent in ZIP 32940 changed +2.5% over the year to September 2026. Across the 623 Florida ZIP codes Zillow tracks, the typical change was +1.8%.
From 2019 to 2024, rent in ZIP 32940 rose 40% while median household income rose 53.9% ($71,812 to $110,495). Income kept ahead of rent.
Rent in ZIP 32940 is 43.1% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 6 months in a row, and rose in 10 of the last 12 months.
30% of the median household income ($110,495) is $2,762 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($2,310); a 3-bedroom is $3,150.
5th cheapest of 5 ZIP codes in Melbourne.
ZIP 32934, 6 miles away, rents for 25% less ($1,692/mo), about $6,700 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 32940. 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.
Who lives here
ZIP 32940 (Melbourne, FL) is majority owner-occupied, has a large retiree population, has a median income above the national average, 52.2% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 32940 in Melbourne, FL has changed in 5 years
Across the past five years, the going rent in ZIP 32940 in Melbourne, FL has shifted from $1,708 to $2,253, up 31.9% since 2021. Household income in the area moved from $86,347 to $110,495 across the same window, up 28.0% versus 2021. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show ZIP 32940 in Melbourne, FL adding about 6,677 residents over the five-year window, up 14.8% on net. Reading these numbers side by side helps frame whether current listings in ZIP 32940 in Melbourne, FL look reasonable against where the market sat half a decade ago.
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Tips for renters in ZIP 32940
Last updated: October 17, 2026
ZIP code 32940 covers Melbourne, FL. The median rent here is $2,253/mo as of October 2026. A 1-bedroom rents for a median of $2,000/mo. A 2-bedroom rents for a median of $2,310/mo.
At 24% of local median household income ($110,495/yr), ZIP 32940 ranks as affordable compared to the national benchmark of 30%. Rents have increased 2.5% over the past year.
Frequently asked questions
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How does ZIP 32940 compare to other ZIPs in Florida?
How does ZIP 32940 compare to the rest of Melbourne?
At $2,253/mo, rent takes ~24% of ZIP 32940's median household income ($110,495/yr). The standard benchmark is 30%.
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