The Brevard County Rental Market

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

Similarly, the average price for single-family and condo units has also gone up in the resale sector, pointing to a very healthy residential real estate market overall. As more people relocate to the state of Florida and to Brevard county, those increases will continue. So, read on to learn more about the rental market in Brevard County Florida, and what you need to know.

The Brevard County rental market is currently on its way up, with rates trending higher over the same time last year. At this time, the average rent in West Brevard is $1,766 for units just over 1,000 square feet. Rental rates are up across the county and throughout the space coast, ranging from as little as 10% to as much as 20% in a year-over-year comparison.

Rental rates in Brevard County will continue to rise over the course of the year and are expected to follow an upward trajectory through early next year. This is good news for property investors who can still acquire real estate at a relatively affordable price.

Right now, the median listing price in Brevard County stands at nearly 360,000, with a median listing price per square foot of 216 and a median selling price of $350,000 which represents a 23% year-over-year increase. Meanwhile, the sale to list price ratio in Brevard County stands at 100% which means that properties are selling at their initial listing prices. Real estate is also selling quickly, with the median days on the market being 43 days, or about a month and a half. Brevard County is also in a seller's market, having more active buyers than inventory.

Property values are on the rise across the county and are expected to increase substantially throughout the rest of the year and probably into early 2023. Although, industry experts and economists do caution that this hot market will cool and that scenario will be born out over the next six to 12 months. If so, now is the time to jump into property investing, before interest rates take up too high and to lock in a more affordable acquisition price. Waiting will only be detrimental as property values continue to increase and interest rates are scheduled to rise too.

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