Location: Palm Bay-Melbourne-Titusville, FL | Metro: Palm Bay-Melbourne-Titusville, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,250 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,670 |
| 3 Bedrooms | $2,240 |
| 4 Bedrooms | $2,540 |
| 5 Bedrooms | $2,946 |
| 6 Bedrooms | $3,300 |
| 7 Bedrooms | $3,564 |
| 8 Bedrooms | $3,742 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 32959, located within the Palm Bay-Melbourne-Titusville, FL MSA, reveals several key points for landlords and small-portfolio investors.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for ZIP 32959 in fiscal year 2024 is set at $1430. However, the lack of specific market rent data means we cannot directly compare these figures. Without market rent data, it's challenging to determine if the FMR accurately reflects what tenants can afford or if it's competitive.
Regarding the affordability of property acquisition, the absence of median home value, days on market (DOM), and the percentage of price cuts makes it difficult to provide a comprehensive analysis. These metrics are crucial for understanding the cost of acquiring properties and how long they typically remain unsold before a price reduction. Landlords and investors should seek out the most recent real estate market reports to fill in these gaps.
The third question concerns tenant demand. ZIP 32959 has a population of 13, but notably, the renter share is 0.0%. This indicates that there are no renters in this area, which poses significant challenges for landlords looking to find tenants. Given the absence of renters, securing a steady stream of occupants would be nearly impossible without a substantial increase in the local population or a change in housing preferences.
In summary, while the FMR provides a benchmark for rental pricing, the lack of detailed market data complicates a thorough assessment of rental viability and property acquisition costs. The critical issue is the complete absence of tenant demand, as evidenced by the 0.0% renter share. Investors should consider these factors carefully and potentially look elsewhere for opportunities with clearer signs of demand and more comprehensive data.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.