Rental Market Trends in Merritt Island, FL

What is the average rent in Merritt Island, FL?

$1,106/month

Average Rent

677 Sq Ft

Average Apartment Size

-2.8%

Decrease in the Last Year

As of November 2024, the average rent in Merritt Island, FL is $1,106 per month. This is 29% lower than the national average rent of $1,559/month, making renting in Merritt Island more affordable than most cities in the US. When you rent an apartment in Merritt Island, you can expect to pay about $989 per month for a studio, $1,106 for a one-bedroom apartment, and around $1,353 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $1,905 or more.

Floor Plan Type

Average Rent

Average Sq Ft

Studio

$989/month

421 Sq Ft

One Bedroom

$1,106/month

677 Sq Ft

Two Bedroom

$1,353/month

933 Sq Ft

Three Bedroom

$1,905/month

1,338 Sq Ft

Floor Plan Type

Average Rent

Average Sq Ft

Three Bedroom

$2,843/month

1,617 Sq Ft

Four Bedroom

$4,474/month

2,420 Sq Ft

Floor Plan Type

Average Rent

Average Sq Ft

Two Bedroom

$2,490/month

1,374 Sq Ft

Three Bedroom

$3,309/month

1,921 Sq Ft

Floor Plan Type

Average Rent

Average Sq Ft

Two Bedroom

$2,025/month

1,156 Sq Ft

Three Bedroom

$2,555/month

2,025 Sq Ft

How much has average rent changed in Merritt Island, FL?

In the past year, rent has decreased by 2.8%, which averages out to $31 less per month.

Percentage*

Rent Range

0% Below $700/month

25% $700 - $1,000/month

62% $1,001 - $1,500/month

0% $1,501 - $2,000/month

12% Above $2,000/month

What salary do I need to live comfortably in Merritt Island, FL?

Because the average rent in Merritt Island is $1,106, you’ll want to make about $3,686 per month or $44,232 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.

How does Merritt Island, FL compare to other nearby cities and neighborhoods?

Use the tool below to compare Merritt Island, FL to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.

Explore the Area Guide for Merritt Island, FL

Apartment Averages

Nearby City Rent Trends

Apartment communities in Merritt Island we think you'll love

North Island Villas Rental Homes

111 Honeytree Ln,
Merritt Island, FL 32953

3 Beds | $2,475

The Brittany

1874 Brittany Dr,
Indialantic, FL 32903

2 Beds | $1,570 - 2,425

The Dunes

201 Harbor City Pky,
Indian Harbour Beach, FL 32937

1-3 Beds | $1,510 - 2,100

Harbour Pointe

655 Rosewood Ct,
Indian Harbour Beach, FL 32937

2-3 Beds | $1,720 - 2,050

Learn more with helpful articles

How Much Should I Spend on Rent?

It's time to break down your budget and calculate costs.

Non-Monetary Factors to Consider When Renting or Buying a Home

Money isn't the only matter.

When Is the Best Time to Move?

The pros and cons of moving during each season.

9 Money Saving Tips for Relocating

Save money and start fresh using these tips and tricks.

Explore the Renterverse

Rental management, simplified

Our all-in-one suite of property manangement software makes the rental process easy. Screen tenants, manage payments, and more – all on Apartments.com

Start managing your rentals

United States Florida Merritt Island Rental Trends

Methodology

† Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.

* Percentages may not total 100 due to rounding.