Woodlake Village
1700 Woodlake Dr NE,
Palm Bay, FL 32905
1-3 Beds | $1,252 - $1,900
Rental Market Trends in Palm Bay, FL
What is the average rent in Palm Bay, FL?
$1,406/month
Average Rent
700 Sq Ft
Average Apartment Size
+0.3%
Increase in the Last Year
As of July 2025, the average rent in Palm Bay, FL is $1,406 per month. For comparison, the national average rent price in the US is currently $1,637/month, which means Palm Bay rent prices are 14% lower than the national average. When you rent an apartment in Palm Bay, you can expect to pay about $1,018 per month for a studio, $1,406 for a one-bedroom apartment, and around $1,614 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $1,891 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Palm Bay, FL?
In the past year, rent has increased by 0.3%, which averages out to $5 more per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated July 2025
Legend
2024
2025
Rent Ranges in Palm Bay, FL
Last Updated July 2025
$1,501 - $2,000
Most rental prices fall within this range
Percentage*
Rent Range
0%
Below $700/month
13%
$700 - $1,000/month
35%
$1,001 - $1,500/month
48%
$1,501 - $2,000/month
4%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Palm Bay?
Based on current rent prices, The Shire, Palm Bay Colony and Driskell Heights are the most affordable neighborhoods in Palm Bay.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Palm Bay?
Based on current rent prices, Oakwood Villas, Palm Bay Colony and Driskell Heights are the most expensive neighborhoods in Palm Bay.
Neighborhood
Average Rent
Average Sq Ft
Which Palm Bay neighborhoods have the most rentals available?
The neighborhoods in Palm Bay with the most apartments available are Palm Bay Colony, Driskell Heights and The Shire .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Palm Bay, FL?
Because the average rent in Palm Bay is $1,406, you’ll want to make about $4,686 per month or $56,232 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
How does Palm Bay, FL compare to other nearby cities and neighborhoods?
Use the tool below to compare Palm Bay, FL to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
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One Bedroom
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Two Bedroom
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Three Bedroom
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Nearby City Rent Trends
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Methodology
† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in June 2025.
* Percentages may not total 100 due to rounding.