Apartment vacancy rates have climbed to 19.3% in Fort Myers as new supply puts downward pressure on rents. The market has more than 43,000 apartment units, with another 1,800 under construction.
Federal housing rent benchmarks are moving in opposite directions in Lee and Collier counties, according to a Housing Stability IQ analysis of U.S. Department of Housing and Urban Development data. The fiscal 2027 fair market rent for a two-bedroom unit in the Naples-Marco Island area increased 2.5% to $2,036 from $1,986. The Cape Coral-Fort Myers benchmark fell 6.4% to $1,835 from $1,961, creating a $201 gap between the neighboring markets. HUD defines fair market rent as an estimate of gross rent that includes rent and necessary utilities. The benchmarks are used to set limits and determine subsidies in federal housing programs. They do not represent current advertised rents, individual household payments or local housing-authority payment standards.
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