Developers obtained permits to build 12.4 multifamily housing units for every 10,000 people in the U.S. over the past year, according to data from technology-powered real estate brokerage Redfin. That’s down 27.1% from 17 units per 10,000 people during the pandemic building boom, and down 5.5% from 13.1 units in the years leading up to the pandemic, according to Redfin’s analysis of U.S. Census Bureau data covering building permits for multifamily units in buildings with five or more units. Despite falling rents, developers are still targeting Cape Coral for growth. The largest city in Lee County granted permits to build 59.6 multifamily units for every 10,000 people, placing it just behind top-ranked Austin, Texas (64.5 units), and ahead of North Port (53.3), Raleigh, North Carolina (41.1) and Orlando (40.7).