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7 Apr, 2026
Analysis | Latest
Market Spotlight: Navigating the Supply Surge in Palm Bay-Melbourne-Titusville
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Written by James McLean

James McLean is the Head of Business Development at Radius+. James helps maintain external relationships with clients and assisting internally with the sales process. He also, manages internal data processes working alongside the operations team to ensure we are supporting high level data quality.

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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.