Melbourne Florida Rentals Forecast

MELBOURNE, Fla. - Sept. 12, 2022 - PRLog -- Per Steve Neville, Broker owner of Best Brevard Rentals

The Melbourne Florida rental forecast should offer good things over the coming months and into next year. This is due to a few key factors, including rising interest rates, the slow pace of new construction, job opportunities in the state, and other states' high cost of living.

First, it helps to understand the local residential real estate market in Melbourne. Currently, the median listing home price in Melbourne is $424 and the median listing home price per square foot is $234. Meanwhile, the median home sold price is $397,300. These figures represent a 17.8% year-over-year increase from 2021, and this trend should continue, though not at the same pace.

The sale-to-list price ratio is 100%, meaning sellers are getting their asking or listing price. Right now, the median days on the market stand at 48 days. So, Melbourne is a seller's market, with more people out to buy than there are available homes.

However, these statistics will change substantially over the next few months and into next year. This is due to the fact that inventory is not limitless, meaning resales can't go on forever. Additionally, fewer buyers are entering the market because of rising inflation and rising interest rates. Moreover, a shortage in construction labor and new builds means there are fewer choices for people moving to the area. That helps to put the rental market in a strong position, as does the fact that the state is experiencing more newcomers than ever before.

People continue to leave the Northeast and West Coast, and a good percentage are coming to live in the Sunshine State. These families and individuals are moving here because there's no state income tax and because rental and housing prices are relatively affordable.

Given all these factors and the state's business-friendly environment, people continue to relocate to the state and that means more opportunities for rental properties. In conclusion, the state is benefiting from its financial friendliness, and other elements, like its warm weather and natural beauty, all of which are good things for property investors.

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