Unlocking Investment Potential: A Guide to Rental Properties in Brevard County, FL

Introduction

Investing in rental properties can be a lucrative venture, provided you choose the right location and property. A good rental property combines several key factors, such as affordability, potential for appreciation, and strong rental demand. The location is paramount as it influences property values, tenant demand, and rental income stability. Brevard County, FL, offers a unique blend of attractive investment opportunities due to its diverse neighborhoods, economic stability, and vibrant tourist attractions. This guide explores the best neighborhoods and areas in Brevard County, grading each on key investment criteria to help you make an informed decision.

Best Neighborhoods and Areas in Brevard County, FL

1. Melbourne

Grades:

• Convenience: A
• Tourist Attractions: B+
• Things to Do: A-
• Average Home Prices: B
• Return on Investment: A
• Proximity to Work-Related Travel: A-
• X-Factor: A

Convenience: A
Melbourne is well-known for its excellent amenities, including shopping centers, restaurants, and schools. The city's infrastructure supports a high quality of life, making it appealing for long-term tenants.

Tourist Attractions: B+
Melbourne boasts attractions like the Brevard Zoo, historic downtown, and scenic parks. While not a major tourist hub, it offers enough attractions to interest visitors and residents alike.

Things to Do: A-
Residents enjoy various activities, from beach outings to cultural events at the King Center for the Performing Arts. The city’s vibrant downtown area also offers dining, shopping, and entertainment options.

Average Home Prices: B
The housing market in Melbourne is moderately priced compared to other parts of Florida. The average home price is reasonable, providing good opportunities for investment without requiring exorbitant capital.

Return on Investment: A
Melbourne’s steady economic growth and demand for rental properties make it a promising area for high returns. The rental market is robust, with consistent demand from both locals and newcomers.

Proximity to Work-Related Travel: A-
Melbourne is home to the Orlando Melbourne International Airport, several major employers, and proximity to the Space Coast, making it convenient for work-related travel and commuting.

X-Factor: A
Melbourne's unique blend of urban amenities and coastal charm makes it highly desirable. Its tech industry presence, due to companies like Harris Corporation, adds to its appeal.

2. Cocoa Beach

Grades:

• Convenience: B+
• Tourist Attractions: A
• Things to Do: A
• Average Home Prices: C+
• Return on Investment: B+
• Proximity to Work-Related Travel: B+
• X-Factor: A+

Convenience: B+
Cocoa Beach offers essential amenities, although it is more of a tourist town. It has a good mix of restaurants, shops, and basic services to cater to residents.

Tourist Attractions: A
Known for its beautiful beaches and the iconic Cocoa Beach Pier, this area attracts numerous tourists year-round. The Kennedy Space Center is also nearby, adding to its tourism appeal.

Things to Do: A
From surfing and fishing to vibrant nightlife and events, Cocoa Beach offers a wide range of activities for both tourists and residents. The beach lifestyle is a major draw.

Average Home Prices: C+
Home prices in Cocoa Beach are higher due to its desirable coastal location. While this may mean a higher initial investment, the rental yields can be substantial during peak tourist seasons.

Return on Investment: B+
The strong demand for vacation rentals boosts the ROI, particularly for short-term rental properties. However, the market can be seasonal, affecting rental income stability.

Proximity to Work-Related Travel: B+
Cocoa Beach is relatively close to major employment centers in the Space Coast and has reasonable access to Orlando for broader work opportunities.

X-Factor: A+
The unique coastal living experience and the allure of space-related activities make Cocoa Beach exceptionally appealing. Its blend of laid-back beach life and space exploration excitement is unmatched.

3. Palm Bay

Grades:

• Convenience: A-
• Tourist Attractions: B
• Things to Do: B+
• Average Home Prices: A
• Return on Investment: A-
• Proximity to Work-Related Travel: B+
• X-Factor: B+

Convenience: A-
Palm Bay offers a wide array of amenities, including shopping centers, parks, and schools. The city’s infrastructure supports a comfortable living environment.

Tourist Attractions: B
While not a major tourist destination, Palm Bay has attractions like Turkey Creek Sanctuary and Castaways Point Park, offering outdoor activities and nature experiences.

Things to Do: B+
Residents can enjoy various recreational activities, including boating, fishing, and exploring local parks. The community also hosts events and festivals throughout the year.

Average Home Prices: A
Palm Bay is one of the more affordable areas in Brevard County, with lower average home prices. This makes it an attractive option for investors looking for budget-friendly properties.

Return on Investment: A-
The affordability of homes, combined with a steady rental demand, offers good ROI potential. The market is less volatile, providing stable rental income.

Proximity to Work-Related Travel: B+
Proximity to major highways and reasonable distance to the Melbourne Airport and the Space Coast make Palm Bay convenient for commuters and work-related travel.

X-Factor: B+
Palm Bay’s appeal lies in its affordability and family-friendly environment. It’s a growing community with potential for appreciation as more people move to the area.

4. Titusville

Grades:

• Convenience: B+
• Tourist Attractions: B+
• Things to Do: B
• Average Home Prices: B+
• Return on Investment: B+
• Proximity to Work-Related Travel: A-
• X-Factor: A-

Convenience: B+
Titusville offers essential amenities and services, with a small-town feel. It has adequate shopping, dining, and healthcare facilities for residents.

Tourist Attractions: B+
Close to the Kennedy Space Center and Merritt Island National Wildlife Refuge, Titusville attracts tourists interested in space exploration and nature.

Things to Do: B
Activities in Titusville include space-related tours, nature trails, and historical sites. While not as vibrant as larger cities, it offers unique local experiences.

Average Home Prices: B+
Home prices in Titusville are relatively affordable, providing good opportunities for investment without requiring a large capital outlay.

Return on Investment: B+
The rental market is stable, with demand from both locals and tourists. The potential for appreciation is moderate, making it a reliable investment.

Proximity to Work-Related Travel: A-
Titusville’s proximity to the Space Coast and easy access to major highways make it convenient for commuting and work-related travel.

X-Factor: A-
The proximity to the Kennedy Space Center and the community’s involvement in space-related activities give Titusville a unique charm and appeal.

5. Viera

Grades:

• Convenience: A
• Tourist Attractions: B
• Things to Do: B+
• Average Home Prices: B
• Return on Investment: A
• Proximity to Work-Related Travel: A
• X-Factor: A-

Convenience: A
Viera is a master-planned community with excellent amenities, including shopping centers, golf courses, schools, and healthcare facilities. It offers a high standard of living.

Tourist Attractions: B
While not a major tourist spot, Viera is close to attractions like the Brevard Zoo and several golf courses. It’s more residential but offers a pleasant lifestyle.

Things to Do: B+
Residents can enjoy golfing, shopping, dining, and community events. The area is family-friendly and offers numerous recreational activities.

Average Home Prices: B
Viera’s home prices are moderate, providing good investment opportunities without the high costs associated with coastal properties.

Return on Investment: A
The planned development and steady growth in Viera ensure strong rental demand and good ROI potential. The area is attractive to families and professionals alike.

Proximity to Work-Related Travel: A
Viera’s central location and proximity to major highways and the Melbourne Airport make it ideal for commuting and work-related travel.

X-Factor: A-
The well-planned community, combined with a high quality of life and family-friendly environment, gives Viera its unique appeal. It’s a growing area with strong investment potential.

Conclusion

Brevard County, FL, offers diverse investment opportunities across its various neighborhoods. Whether you’re looking for a bustling urban environment, a peaceful suburban community, or a vibrant coastal town, there’s a suitable option for every investor. By considering factors such as convenience, tourist attractions, things to do, average home prices, return on investment, proximity to work-related travel, and the unique x-factor, you can make a well-informed decision that aligns with your investment goals.