Cape Coral–Fort Myers
Cape Coral–Fort Myers saw the steepest rent declines in the nation in Q1 2026, with effective asking rents down approximately 11% year-over-year as heavy new supply continues to absorb demand.
Historical Trends — 9 Quarters
Average asking rent ($/mo) and vacancy rate (%) — Q2 2024 through Q2 2026
- Vacancy %
- Avg Rent
* Figures are modeled estimates based on Florida Realtors, Apartment List, RealPage, and Zillow ZORI data. Q2 2026 reflects preliminary estimates. For research and informational purposes only.
Cape Coral–Fort Myers — Q1 2026 Rental Market Report
The Cape Coral–Fort Myers MSA entered 2026 as one of the most supply-saturated rental markets in the entire country. Effective asking rents fell approximately 11.1% year-over-year in early 2026, marking back-to-back months of double-digit declines — the steepest drops of any major U.S. metro (RealPage, March 2026).
Key Metrics — Q1 2026
- Average monthly rent: ~$2,209 (Darda Group / Fort Myers market data)
- 1-Bedroom median: ~$1,043 | 2-Bedroom median: ~$1,199 (Apartment List)
- Year-over-year change: −8.95% to −11.1% depending on source
- Rental vacancy rate: ~6.2%
Market Conditions
A historic wave of new apartment construction, combined with post-hurricane insurance cost pressure and slower in-migration compared to the 2021–2022 peak, has created a pronounced tenant's market. Active rental inventory has surged significantly since 2022. Landlords are competing aggressively on price and concessions.
Outlook for Landlords
New supply is expected to ease through mid-to-late 2026 as permitting has slowed. Well-maintained single-family rentals in desirable school zones remain somewhat more resilient than apartment product. Pricing discipline, unit readiness, and reduced vacancy periods are key priorities for landlords in this environment.
Sources: RealPage (March 2026), Darda Group Market Update (April 2026), Apartment List Rent Estimates, Point2Homes.