I know that buying a home is not for everyone…especially with our interest rates over 7%. This has put quite a few people on the sideline from buying and they are looking to rent a home here in Brevard County. This post is all about what to expect when you are renting
See what is available for rent https://www.ericlarkin.com/finding-a-rental
Market Conditions. There is a high demand for rental properties in Brevard County. Rent prices are also higher today than they were just a few years ago. Part of the reason for the rentals going up is the demand, the other part is the cost of a home to purchase is also higher. We are averaging 177 homes renting per month in Brevard County. Today, there are 312 homes for rent in Brevard County. This puts us under a 2 month supply of rentals available. The average time on the market is 31 days, so they are renting quickly too.
The rent range for the last 12 months for the county was between $650 to $8900. The average rental was $2335 per month and the median was $2200. Here is a breakdown by city:
Titusville $1495 to $3000 with a median price $2000
Cocoa $1400 to $4000 with a median price $2000
Merritt Island $1850 to $4000 with a median price $2500
Rockledge $1600 to $2900 with a median price $2200
Viera/Suntree $1995 to $4600 with a median price $2700
Melbourne $650 to $3500 with a median price $2200
West Melbourne $1800-$3900 with a median price $2400
Palm Bay $1415 to $3400 with a median price $2000
Beach-Side $2100 to $8900 with a median price $ 3300
The criteria used for the data are single family homes, at least 3 bedrooms & 2 baths, unfurnished, and looking for a 12 month lease. I obtained this information from the Space Coast Association of Realtors MLS. Data was pulled between 9/8/2023 and 9/15/2023.
Time Frame. Landlords & Property Managers do not like to hold properties. If you submit your application, and they accept it; expect to get the keys shortly afterward. This means you should expect to be paying the security deposit and 1st months rent at that time. Vacancies cost the landlord money. More than likely they have a mortgage on the property and that has to be paid every month whether there is a tenant in the home or not. For this reason, you have to be ready to submit an application once you find the property that is right for you.
Application cost and process. Rental applications run anywhere from $50 to $100 depending on the property management company. This will be for everyone living in the property that is over the age of 18. If you are married, sometimes they will only charge for 1. If you have children at home over the age of 18 or a roommate, they will need to have an application processed too. They want to know your history: what you earn, what your bills are, what your job is, what kind of car you drive, what your credit score is, do you have pets, and most importantly, whether you have ever been evicted. If there is anything that could be a red flag; it is better to let them know before they run the application. Minimize the surprises. Do you have a low credit score? Do you have student loans? Do you have medical debt? Have you been late on rent? Have you been evicted? Let them know before they run the application with the reasons why. This will help get your application accepted OR it will save you money on running an application that will only be declined/not accepted by the Landlord.
If there were multiple applications on a property and your application was not the one accepted, your application can still be used with that property manager for the next 90 days. Unfortunately, the applications cannot be transferred from one property management company to another.
Pets. I know your dog and cat are family. I also know that if you have a pet, the selection of properties available has been drastically reduced. Today, we have 312 homes available for rent and only 155 will consider a pet…that is half of what is available. If you have more than 1 pet, it is challenging to find a rental. If you have a pet over 20 pounds, it is a challenge. If your dog is one of the “10 most dangerous breeds” you will have a challenge finding a rental. You will also need to provide an additional security deposit. Sometimes it’s a nonrefundable flat fee. The deposit or flat fee ranges from $250 to $500. Sometimes this is per pet.
Lease prep fee. Most Property Management Companies have hired an attorney to draw up the lease. The lease prep fee is usually between $50-$100. I have seen this as high as $250.
Cash to get the keys. Once your application has been approved/accepted, you will need to provide the following before you get the keys: 1st months rent, security deposit (usually around the rent price), pet deposit, and sometimes last months rent.
If you move in on any day other than the 1st of the month, you will also owe a prorated rent for the days of the month you move in. Sometimes this is due with everything mentioned above. Sometimes the prorated rent will be what you pay on your next rental payment. For example, you get the keys on September 15th, halfway through the month. You pay 1st/security deposit/ etc when you sign the lease. October 1st you pay for the prorated rent. November 1st and beyond, you pay whatever the agreed-upon rent is. The reason for this is the commissions are paid based on the full month’s rent. This way the property manager and real estate agent who placed the tenant can be paid.
Beware of scams. As you are house hunting online and looking for a place to call home; know that not all websites are legit. I recommend contacting a real estate agent and having them set up a listing portal for available rentals. Yes, you can search on your own…stick to Realtor, Zillow, Redfin, or any of the national real estate sites. Hotpads.com is a site specifically for rentals. Hopefully, the real estate agent you are working with has a website you can check out (like http://www.EricLarkin.com ) Be wary of Craigslist rental listings or any site that they do not want to talk to you on the phone and only want to do text, email, or WhatsApp. The scam goes something like this: They scrape listing information from a real estate website of a vacant home. They find the name of the owners online, claim to be them, and only want to do email communication because they are traveling the world, on a mission trip, & are in a very remote area that only has internet. They get you to electronically send the money to them. Then they disappear. It is worth finding a property manager or real estate agent to help you find a rental property.
If you have any questions about an upcoming move or finding a property, I am here to help. Drop a message below or give me a call at 321.795.1854
Eric Larkin is a Broker Associate with Real Broker, LLC. He lives, works, and plays in the Cocoa Beach area. If you have questions about moving or relocating to Cocoa Beach and the Space Coast, let me know! I get calls, texts, direct messages & comments on my posts every day about the real estate market and things that are happening in Cocoa Beach and the Space Coast that I love answering. Ask me your questions on moving, relocating here, or anything about the community. I am here to help. I have been helping buyers and sellers with their real estate needs since becoming a real estate agent in 2003. My focus is always on helping, answering your questions, and doing everything possible to make certain you have a smooth transaction from beginning to end.
Planning a move or have questions about our area? Eric Larkin with Real Broker, LLC can help! Schedule a call here https://www.ericlarkin.com/schedule-a-call
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