Rent prices for single family homes are up 45% in Brevard County since 2018…
I had a great question from a YouTube video asking about the rental market. David asks for a prediction or thoughts on rent and if rent prices are coming down. Here is what’s happening in Brevard County.
All the data I am using came from our local MLS, Space Coast Association of Realtors which was pulled on January 14, 2025. I am only looking at single family homes with 3-4 bedrooms that are unfurnished and looking for 12 month lease. There are too many variables for condos. Especially if I included furnished condos that could rented for a shorter period of time.
Right now, there are 393 single family 3-4 bedroom homes available for rent in our MLS. The rent range is from $1400 to $5900. There are 135 homes for rent under $2000 (34%) and 215 homes for rent between $2001-$3000 (54%). The median list price is $2200 per month.
That’s what they are asking for rent…what are people actually paying??
Last year, all of 2024; there were 2281 single family 3-4 bedroom unfurnished homes that were rented/leased through our MLS. This is an average of 190 rentals per month. IF our rental inventory was a constant 393 homes, we would have a 2 month supply of rentals. The rent range was between $890-$5750 rent per month. The average rent was $2299 and the median rent was $2195. There was 1 home to rent under $1000. There were 855 homes to rent under $2000 (37%). There were 1193 homes to rent between $2001-$3000 (52%)
Since I am not a property manager, I do not track this data very closely. I do help place tenants from time and see where prices are at along with the condition of the homes. I will do a search to see if what they are asking is in line with the area. More often than not, they get their list price for rent.But I don’t dig into the rental data often. The last time I published a blog on the rental market was back in 2018. Here is a link to that article
I wrote it because I knew we were low on rental inventory and rental prices were starting to jump. I was also seeing that potential tenants were competing against multiple rental applications to get a home. Sourcing myself from April 2018, there were 148 single family home rentals on the market. We were averaging 218 rentals per month, putting us at a 0.67 months supply of rentals (about 20 days)
Here are the numbers from 2018 to 2024 for our single family rental market. These homes are unfurnished and looking for a 12 month lease.
Looking at the numbers, you can see that the median rent prices only increased by $50 a month from 2018-2020 and have stabilized to just under $2200 per month for 2022-2024. With the increased supply, rent prices as a whole will probably remain the same in 2025. What do you think?
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.
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