Fort Myers apartment vacancies are approaching 20% as a wave of new multifamily development has pushed supply ahead of demand, giving renters more options and contributing to lower rents.
Fort Myers has one of the nation’s softest apartment markets after years of development pushed supply ahead of demand, according to an Apartments.com analysis of CoStar Group data. The Fort Myers metro’s apartment vacancy rate is approaching 20%, while rents have declined about 5% over the past year, the steepest correction among the large markets analyzed. Sarasota’s vacancy rate topped 17%, accompanied by a nearly 4% decline in rents. For more on Southwest Florida’s apartment oversupply and what it means for renters and developers, read Gulfshore Business’ in-depth report by clicking here.
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