Palm Bay is a great place for both residents and tourists alike. The city has plenty of attractions, including Andretti Thrill Park, Turkey Creek Sanctuary, Archie Carr National Wildlife Refuge, Fred Poppe Regional Park, and Melbourne Beach Pier. There’s also Castaways Point Park, Spessard Holland South Beach Park, Erna Nixon Park, and Maritime Hammock Sanctuary.
There are 38,774 homes and apartments in Palm Bay. Out of those, 81.7% are single-family homes, 8.7% are apartment complexes, 4.1% are mobile homes, 3.2% are small apartment buildings, and 2.2% are townhomes. The median rent price in Palm Bay is $1,027. On average, studio apartments rent for $725, 1-bedroom apartments rent for $930, and 2-bedroom apartments rent for $1,100.
While a large chunk of Palm Bay residents own their homes, there is still a sizable percentage that rent their homes. In fact, 73% of the population own and 27% rent. For a lot of people, renting is the only thing they can afford. It is also a good way to get a feel of the local neighborhood without committing to a big investment. Palm Bay also sees a good amount of tourists looking for short-term rentals. As such, many investors choose to buy properties in the city with the purpose of renting them out.
Palm Bay property management is not all that easy, though. It demands most of your time and attention as well as a certain degree of skill and knowledge. You must draft rental agreements, find tenants, market your property, collect rent, and deal with tenant complaints and requests. You must also make sure the property is well-maintained and keep up with state and local laws.
For many rental property owners, this can all be too much, which is why many seek professional property management services. With a property manager taking care of your rental property, you barely have to do any work. You can sit back, relax, and breathe easy knowing your rental property is in capable hands.
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