Report: Cape Coral-Fort Myers leads the nation in rental vacancies

The Cape Coral-Fort Myers metro market has the highest rental vacancy rate in the country.

That’s according to a new report from Construction Coverage, which found the rental vacancy rate for the area at 15.3%.

The report looked at the proportion of rental homes vacant in the 75 largest markets in the country then calculated the percentage of rental homes vacant in 2023.

(The rental vacancy rate is defined as the proportion of rental homes that are vacant in a given area.)

Florida had three metro areas make it in the top 20, including Jacksonville at No. 11 with a 9.4% rental vacancy rate and Tampa-St. Petersburg-Clearwater at No. 20 with 8.5% vacancy rate.

Overall, the state of Florida ranked No. 8 in the country with an 8.5% rental vacancy rate.

The rental vacancy, according to the report’s authors, “is an important economic indicator because it signals the balance between supply and demand for rental housing."

“High vacancy rates indicate an ample supply of rental properties, fostering competition among landlords and placing downward pressure on rent prices, which can lead to improved affordability for renters,” the report says.

“Conversely, low vacancy rates indicate a shortage of rental units, driving up prices as demand outstrips supply.”

Given that statement, Cape Coral-Fort Myers’ lowest in the nation vacancy rate may mean relief for renters in the area. That’s because the average monthly rent in the metro area is $1,967 and that 59.3% of renters are considered “cost burdened,” according to the findings.

In comparison, Tampa has an average monthly rent of $2,091 with 57.7% of renters considered “cost burdened.”

Statewide, the average monthly rent in Florida is $2,051 with 60.4% of renters considered “cost burdened.”

Construction Coverage is a website that provides construction software and insurance reviews.

RENTAL VACANCIES