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Florida homes empty as housing market tumbles in some cities

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Florida homes empty as housing market tumbles in some cities


Florida’s Cape Coral-Fort Myers metropolitan area has the highest share of rental homes sitting vacant in the entire country, according to recent research from Construction Coverage.

Read more: Avoid the Hassle of Rental Properties With These Top Real Estate ETFs

The report, which analyzed data from the U.S. Census Bureau, found that an average 15.3 percent of rental homes in Cape Coral-Fort Myers were vacant in 2023, up from 8 percent the year before. The median monthly rent in the metro area had also risen from $1,708 in 2022 to $1,967 in 2023, as the percentage of renters that are cost-burdened rose from 56 percent to 59.3 percent.

Within the same period, the percentage of households renting in Cape Coral-Fort Myers dropped from 26.5 percent to 21.5 percent, a decrease which can partially explain the rise in rental home vacancy in the metro area.

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A home for rent in Miami, Florida. The state’s Cape Coral-Fort Myers area has the highest rental vacancy rates in the country, according to a Redfin report.

Joe Raedle/Getty Images

At the same time, the nationwide rental vacancy rate was 6.6 percent in the first quarter of 2024—below the historical average of 7.3 percent. The rental market is cooling off across the entire country, but, while prices have decreased since their peak in the third quarter of 2023, rent remains generally higher than many can afford.

Read more: How to Invest in Real Estate

Among the top 25 metro areas with the highest rental vacancy rates were also Jacksonville, Florida (11th with a share of 9.4 percent), Tampa-St. Petersburg-Clearwater, Florida (20th with a share of 8.5 percent) and Miami-Fort Lauderdale-West Palm Beach, Florida (23rd with a share of 8.4 percent).

Higher vacancy rates can generally be found in southern and midwestern states, according to the report, while western and northeastern states have the lowest shares of empty rental homes. This is due to the fact that western and northeastern states have a lower supply of rental units, while demand remains high.

It’s no surprise then that Florida, one of the states that, together with Texas, has been building the highest numbers of new homes in the country in recent years, is seeing higher vacancy rates as inventory grows.

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Read more: How Much Is My House Worth? How to Determine Your Home’s Value

A recent Redfin report found that housing markets on Florida’s west coast are cooling faster than any other in the country, with North Port reporting a price fall of 6.6 percentage points in April compared to a year earlier—the biggest drop in the country.

It was followed by two other Florida metros, Tampa and Cape Coral, which recorded price drops of 8 percentage points and 4.6 percentage points respectively within the same period.

“Florida home prices had been going up from 2020-2023 quite rapidly, so Florida is due for a correction,” Daryl Fairweather, Redfin’s chief economist, told Newsweek in a written statement. “The rising cost of living in Florida is also discouraging migration, and high interest rates are dampening the market broadly.”

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Florida

Gasparilla Bowl another chance for Florida football offense to grow under freshman QB DJ Lagway

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Gasparilla Bowl another chance for Florida football offense to grow under freshman QB DJ Lagway


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TAMPA ― Each game presents another step in the growth of Florida football freshman quarterback DJ Lagway.

When the Florida Gators face Tulane in the Gasparilla Bowl on Friday at Raymond James Stadium (3:30 p.m., ESPN2), it’ll be another chance for the 6-foot-3, 239-pound Lagway to command an improving UF offense.

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Call it a final exam for Lagway, who improved to 5-1 as a starter after leading the Gators to a 31-11 win over FSU to close the regular season in his last start on Nov. 30.

“We were a little rusty the last go-around, so I do think there’s another level there,” Florida football coach Billy Napier said. “But you know balance, good situational football and then obviously keep DJ clean and play well around him, we’ve got to get good play in every position around him, so, we know what winning football looks like that’s what we’re going to do.”

Lagway went 14 for 22 for 133 yards with two TDs and an interception in his last outing against the Seminoles but was victimized by a few drops on an unseasonably cold night.

“Playing quarterback is sometimes like playing golf,” Florida co-offensive coordinator and tight ends coach Russ Callaway said. “Every now and then you’re going to hit a bad shot, and sometimes when you move maybe your feet are not quite on balance the way they’re supposed to be.

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“Yeah, we’ve done a really good job of preparing this bowl prep of pocket movement, and he already does that anyway, but it’s one of those things it wasn’t his best in that area but he’s been really good throughout the course of the year and he’s only going to continue to get better.”

Why DJ Lagway has excelled as the Florida football starting QB

From Lagway’s first career start against Samford, when he connected on six pass plays of 30 yards or more, he’s demonstrated the ability to throw deep balls with accuracy. Enrolling in January helped Lagway learn the intricacies of playing quarterback at the college level. Napier said Lagway has grown immeasurably in that area.

“He’s a more advanced player,” Napier said. “He understands, fronts, pressures, coverages, how his concept marries up to what defensive concept we’re getting, just kind of knows the problems and can kind of get ahead of that.”

Callaway said Lagway’s football IQ allowed the staff to feel comfortable expanding the playbook as the season progressed.

“He’s one of the rare guys at an early age has been hungry and has this laser-like focus and knows what he wants to accomplish,” Callaway said. “He doesn’t just talk about it, he does it.”

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An example, Callaway said, is the time Lagway spends at the Heavener Center, studying film.

“You’ll go up there multiple times throughout the weekend, early in the morning, late at night, you’re not surprised to see that guy up there,” Callaway said. “That’s why he’s having success.”

How the Florida football offense can evolve under DJ Lagway

Callaway said the key is to continue to play to Lagway’s strengths. When Lagway suffered a hamstring pull against Georgia that forced him to sit out the following game against Texas, it limited his dual-threat ability for the remainder of the regular season. But with more time to heal, it’s an aspect of his game that he could either showcase against Tulane or keep under wraps for his sophomore season.

“He’s exceeded our expectations, not just from a physical standpoint but from a mental standpoint,” Callaway said. “His strengths are obviously the deep ball accuracy. He can move with his legs, he has been incredible in the pocket so we’ve got to do a good job of setting up the run, mix in movements every now and then with him and let him throw it deep when we’ve got one-on-one and hopefully our guys can come down with it.”

As to whether Florida could open up the offense with four or five-wide receiver formations with Lagway in the future, Callaway said: “It’s something we can definitely do. Again, I think it goes back to the best 11 that you’ve got, the best 11, if it’s four tight ends, if it’s four wide receivers, whoever it is it’s your job as an offensive coach to get the best 11 on the field and get the guys who make plays consistently, get them the ball.”

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With All-American center Jake Slaughter and left tackle Austin Barber announcing their decisions to return to UF next season, Florida will boast an experienced offensive line with four returning starters to protect Lagway and help establish the run.

“DJ is a very good player and we’ve got veteran guys coming back,” Barber said. “He’s had a year under his belt with him growing and developing. I’m just really excited about that.”

Kevin Brockway is The Gainesville Sun’s Florida beat writer. Contact him at kbrockway@gannett.com. Follow him on X @KevinBrockwayG1



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Former Florida edge commits to Alabama in transfer portal

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Former Florida edge commits to Alabama in transfer portal


Alabama football landed a transfer portal commitment at a position of need on Tuesday. Edge rusher Kelby Collins committed to the Crimson Tide, after beginning his college career at Florida.

Collins shared the news to his social media accounts, in conjunction with Hayes Fawcett of On3.

Collins commitment means the Gardendale product will return to his home state. He considered UA out of high school in the class of 2023, but instead opted to join the Gators.

He’ll help out at a position where Alabama is currently a bit thin. Que Robinson, whose 2024 season ended prematurely due to an injury, is out of eligibility, and the Tide already lost Keanu Koht to the transfer portal, so another hand to help out in the pass rush was a key portal target.

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Collins started out as an edge at Florida, making 23 total tackles with 1.5 sacks as a depth piece. His efforts in 2023 earned him freshman All-SEC honors.

However, a position switch for the 2024 season saw him buried on the Gator depth chart. Collins moved to three-technique end role, and only totaled six tackles during the 2024 season, with all of them coming against Mississippi State.

The 247Sports composite ranked Collins as a four-star portal prospect after he entered. He was a three-star recruiting out of high school at Gardendale.

Collins is listed at 6-foot-4, 278 pounds. He was 265 pounds coming out of high school.

The transfer portal is currently open for undergraduate entry until Dec. 28. Alabama players will receive an extra window following its season-ending appearance in the Dec. 31 ReliaQuest Bowl.

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About 3 dozen high-rise buildings in South Florida are sinking

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About 3 dozen high-rise buildings in South Florida are sinking


SUNNY ISLES BEACH, Fla. — Almost three dozen high-rise condos and luxury hotels along the beach in South Florida are sinking or settling in unexpected ways, in some cases because of nearby construction, according to a new study.

The 35 buildings surveyed along an almost 12-mile (19 kilometer) stretch from Miami Beach to Sunny Isles Beach have sunk or settled by 0.8 to 3.1 inches (2 to 8 cm). About half of the buildings are less than a decade old, according to scientists at the University of Miami Rosenstiel School of Marine, Atmospheric, and Earth Science. The study was published Friday.

“The discovery of the extent of subsidence hotspots along the South Florida coastline was unexpected,” Farzaneh Aziz Zanjani, the lead author, said in a statement. “The study underscores the need for ongoing monitoring and a deeper understanding of the long-term implications for these structures.”

It’s not uncommon for buildings to sink a little during and soon after construction, but the scientists called their discovery surprising because some of the changes took place several years later.

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Limestone under the South Florida beach is interspersed with layers of sand, which can shift under the weight of high-rises and as a result of vibrations from foundation construction. Tidal flows also play a role. The study used satellite images to capture the changes, with settling most noticeable in buildings in Sunny Isles Beach. The scientists said preliminary data also suggests sinking or settling further north, along the beaches of Broward and Palm Beach counties.

The stretch of South Florida communities surveyed included Surfside, where the Champlain Towers South building collapsed in June 2021, killing 98 people. However, that collapse is thought to have been caused by reinforced concrete that deteriorated due to poor maintenance and flawed design.

Still, the Surfside catastrophe highlighted the need to monitor building stability “especially in coastal areas with corrosive environmental conditions,” the scientists said.



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