Melbourne renters looking for the least expensive areas to rent should look for the areas towards the red end of the spectrum on the rent cost map. Those who don't mind paying for high-end and luxury apartments should seek out apartments in the purple and dark green areas.
Rental Price Key
On average, the cost of rent in Melbourne is about $1,395 per month. This puts it in the 65th percentile compared to the state average cost of rent, which is $1,532. Households in Melbourne have a median income of $5,142 per month so the average renter in Melbourne is spending roughly 27% of their earnings on housing.
Nationally, and in Melbourne, home values are the data point most closely correlated with the cost of rent. The median price of a home in Melbourne is $279,694 right now, which is lower than cities nearby, meaning that rents in Melbourne also tend to be lower versus these nearby cities.
Higher rent prices are common in the eastern parts of Melbourne while lower rent rates are often available in northwestern areas.
Nearby Cities
- Palm Shores, FL: more expensive rent prices
- Melbourne Village, FL: less expensive rent prices
- Indian Harbour Beach, FL: more expensive rent prices
- Melbourne, FL: comparable rent prices
- Satellite Beach, FL: more expensive rent prices
- West Melbourne, FL: more expensive rent prices
- Indialantic, FL: more expensive rent prices
- Patrick Afb, FL: more expensive rent prices
- Palm Bay, FL: less expensive rent prices
- Malabar, FL: more expensive rent prices
Cities with Similar Populations
- Sterling Heights, MI: more expensive rent prices
- Denton, TX: more expensive rent prices
- Summerville, SC: more expensive rent prices
- Beaumont, TX: less expensive rent prices
- Springfield, IL: less expensive rent prices
- Victorville, CA: more expensive rent prices
- Albany, NY: less expensive rent prices
- Greenville, SC: less expensive rent prices
- Odessa, TX: less expensive rent prices
- Concord, CA: more expensive rent prices
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