$1,550 Per Month
- 2 Beds
- 2 Baths
- 1,033 Sq Ft
- Condo for Rent
205 Palmetto Ave Unit 301, Merritt Island, FL 32953
205 Palmetto Ave Unit 301, Merritt Island, FL 32953
Frequently Asked Questions
How much does it cost to rent a condo in Merritt Island, FL?
The median rent for a condo in Merritt Island, FL is $1,550 per month, though prices vary by neighborhood, size, and property type. As of May 2026, condos tend to be the most affordable option while townhouses and single-family homes are currently more expensive.
How much do you need to make to afford rent in Merritt Island, FL?
To comfortably afford the median rent in Merritt Island, FL, a household needs to earn roughly $118,200 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $2,955 per month in Merritt Island, FL, renters typically need to show $8,865 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Merritt Island, FL?
In Merritt Island, FL, the price-to-rent ratio is 13.0, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in Merritt Island, FL are best for renting a condo?
The best neighborhood for renting in Merritt Island, FL depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a condo include Suntree, Paradise Beach and Port Malabar, each with its own character and price range.
