Brevard County Home Rental Market 2022

MELBOURNE, Fla. - April 14, 2022 - PRLog -- Per Steve Neville, Broker owner of Best Brevard Rentals

Migrating to the southeast, particularly the Carolinas, Tenennesse, and of course, Florida). Brevard is a very popular destination for tourists, but also for families, and professionals. It's known for its beaches, warm weather year-round, and the space industry's presence. Since it's a great place to live, work, and play, Brevard County's rental market is white-hot, and here's what you need to know about it.

To understand the Brevard County rental market, it's necessary to first understand what's happening in the residential rental market. Because inventory is so tight and prices are so high, rental properties are in high demand.

The Brevard County rental property market is on the rise in 2022. Situated on the Space Coast and bordering the Atlantic Ocean, this beautiful part of Florida is home to 30 cities. The market offers a wide range of homes for sale, from $5,000 up to $27,000,000. In February 2022, the median listing home price was $340,000, trending upwards 21.5% year-over-year. The median listing home price per square foot was $201. The median home sold price was $324,800. The sale to list price ratio was 100%, with the median days on the market of 48 days. Presently, it is a sellers' market, due to the lack of inventory.

The average rental price in Brevard County is $1750, with the majority of rentals being apartments (55%), followed by single-family homes (35%), and townhomes/condos (15%). The vacancy rate for rentals is approximately 14%. (The rental vacancy rate in Brevard County peaked in 2007 at 18.80%. Since then it has fallen from 5.33% to 13.47%. Data records for this series originated in 2005.)

Additionally, the lack of materials, labor, and low-interest rates are driving the housing market. But, with a lack of inventory, prices are rising quickly, even as interest rates continue to go up and up. This helps bolster rental occupancy and increase rental property values.

With the market on the rise, now is a great time to invest in rental property in Brevard County. Whether you're looking for a vacation home or an income property, there are plenty of options to choose from. Don't miss out on this opportunity -- contact a real estate professional today.

For more information please see http://www.bestbrevardrentals.com