
11 Feb 2026
This week the Radius+ team dug into the Palm Bay-Melbourne-Titusville, FL CBSA
Historical Supply Growth in Palm Bay-Melbourne-Titusville, FL:
2022: 1.5%
2023: 3%
2024: 12.5%
2025: 3%
Palm Bay saw more than 12% new supply delivered in 2024, creating significant downward pressure on rental rates. Strong employment growth from 2021 through 2024, driven by pandemic-era migration, attracted developers to the market. The region also experienced notable expansion in tech employment between 2019 and 2024, adding thousands of high-skilled jobs. Despite strong demand drivers, the volume of new supply entering the market at once has created an extended lease-up environment. The market will need time for demand to catch up before development becomes feasible again.
