Storagecafe.com Report: City of Palm Bay Ranked as Nation’s 5th Hotspot for Millennial Renters

Florida has 8 cities in the top 100 renter havens

BREVARD COUNTY • PALM BAY, FLORIDA – The City of Palm Bay shone as the nation’s 5th hotspot for millennial renters, ranked according to net migration as a proportion of the population.

Overall, Florida has eight cities in the latest list of the top 100 renter havens.

Here are the main findings on Space Coast’s rental market:

■ Palm Bay had 3.4 people moving in for every renter who left in 2021.

■ 93% of apartment hunters interested in Palm Bay hail from elsewhere. Among renters from outside the metro searching for an apartment here, Jacksonville accounts for the largest number, followed by Orange Park and Orlando.

■ Out-of-staters trying to move to Palm Bay most frequently come from New York and Virginia Beach. New Yorkers can expect a significant 30% living space increase in Palm Bay.

Overall, Millennials made up the largest renter cohort moving into the city – approx. 51%, followed by Gen Z with 21%.

The most popular destinations for people leaving the city of Palm Bay were Melbourne, Fort Meyers, and Orlando (in this order).

Those heading out of state are most interested in Las Vegas, Nashville, and Atlanta.

Reports include an interactive visual tool that lets you explore the data in other regions, as well.

Click here to check out the full report for more detailed data, and to explore trends for major metro areas around the country.

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