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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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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.

Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.



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A Shakeup the Florida Gators Need ahead of LSU

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A Shakeup the Florida Gators Need ahead of LSU


The Florida Gators can almost taste the bowl invite. Yet, with twelve quarters of football remaining in the season, the team needs to rapidly improve their pass rush. While detractors look up the fact that their 20 sacks sit in a three-way tie at 11th in the SEC, the problem goes deeper than that. 

Florida tends to send the house at times, employing defensive backs into the fray, just to generate even a scintilla of pressure. Teams know what’s coming and show absolutely-zero fear. The lack of quality pass rushing up front continues to hound the Gators. With a bowl berth on the line, they need to change what doesn’t seem to work.

Shuffle The Lineup

By now, everyone knows and understands what Tyreak Sapp brings to the table, but what about the players behind him? With far fewer snaps, LJ McCray flashed upside. Why not deploy him into a defense that plays a team that does not have too much film, since he does not see the field often? 

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At 6 foot 6 inches and 265 pounds, McCray possesses the arm length and strength to win on the outside, keeping clean and collapsing one side of the line. With so many athletes in the front seven, not using all of them, especially the youngest ones, does not help. Florida needs to wins now and a passive approach to pass rushing isn’t working. 

Versatility and Aggression

Using an even front as a base does not hurt anyone. In fact, you can game the line of scrimmage. By using stunts and loops, offenses will struggle to quickly adjust, not knowing where the pressure begins. Zone blitzes, overloading a side, delayed blitzes all could bring a positive end result. 

Basically, Florida cannot operate with the thought that if the rush doesn’t get home, the secondary gets toasted. In actuality, the secondary, to this point, performed well against the majority of their opponents. Can’t count Texas as the Longhorns slice defenses with relative ease. Florida needs to let the athletes on the team play athletically. Turn them loose upfield and see what they generate.

Overview

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The University of Florida navigated a brutal schedule with heart and a belief. Now, the pass rush needs to join the party. The Gators need to win two of their final three games. That includes a win versus either LSU or Ole Miss.

As only a 3.5-pount underdog to LSU, that doesn’t look like an impossible task. The Tigers and Rebels both love to throw the ball. As a result, a competent and consistent pass rush could shift the narrative.



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New Jersey Devils take down Florida Panthers 6-2

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New Jersey Devils take down Florida Panthers 6-2


SUNRISE, Fla. — The Panthers were hoping to take back a win against the Devils after that 4-1 lose earlier this week.

But that was not the case — as New Jersey heads out of South Florida with back to back wins with a 6-2 victory.

Although it wasn’t the result they were looking for, the Panthers luckily have a long season ahead of them.

“Obviously we have not been happy about our last two games, especially tonight’s game. So obviously move on, learn from it and move on,” said Aleksander Barkov.

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“Like we worked for those and they got it so obviously it sucks for us but they needed it so, forget and move on I guess,” said Jesper Boqvist.

It’ll be a tough schedule ahead — as the Panthers will have back to back games against Winnipeg — and the Devils and Florida will have one more game in the regular season, but not till Jan. 14.

So hopefully then the Panthers will get that much needed payback.





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Florida AG sues FEMA over ‘damning’ revelations agency deliberately ignored homes of Trump supporters: ‘Swift legal action’

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Florida AG sues FEMA over ‘damning’ revelations agency deliberately ignored homes of Trump supporters: ‘Swift legal action’


FEMA’s disaster of its own making keeps getting worse.

Florida Attorney General Ashley Moody is suing current and former Federal Emergency Management Agency officials, claiming they “conspired to interfere with the civil rights of Trump voters” in the state by withholding aid in the aftermath of Hurricanes Helene and Milton.

The bombshell lawsuit follows alarming revelations its workers were given orders to avoid dozens of homes of Trump supporters in Lake Placid in a shocking display of political favoritism.

The scandal came to light after FEMA fired agency supervisor Marn’i Washington, who later claimed that systemic discrimination at the disaster relief agency was “colossal” both in Florida and beyond and alleged she’s been made a “scapegoat” by the agency.

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Florida Attorney General Ashley Moody is suing several current and former FEMA officials over their avoidance of homes belonging to Trump supporters, a lawsuit which Gov. Ron DeSantis threw his full support behind. Getty Images

“Hurricane season is not over, and the federal agency in charge of emergency response is embroiled in scandal – caught withholding aid from storm victims in Florida who support President Trump,” Moody said in a press release announcing the suits.

“I am taking swift legal action to find out how far this political discrimination reaches and to make sure all Americans who fall victim to devastating storms are served, regardless of their political affiliation.”

Highlands County, where Lake Placid is located, went 70% for President-elect Trump in the election.

A FEMA official backed up Washington’s claims, telling The Post the agency’s practice of skipping Trump-supporting houses — or avoiding “white or conservative-dominated” disaster zones altogether — is an open secret at the agency that has been going on for years.

Field agents were told to avoid storm-battered homes with Trump signage in their yards, which one fired worker admitted was part of a “colossal” systemic campaign of discrimination. AP

In her announcement of Washington’s termination, FEMA administrator Deanne Criswell, who is named as a litigant in the legal action, called the directive to skip homes based on political affiliation violated the agency’s “core values and principles,” and vowed to do everything she could to ensure it never happens again.

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Florida Gov. Ron DeSantis, incensed by FEMA playing politics with disaster victims in the state, also blasted the federal agency in announcing his support for the legal action.

“It’s unacceptable for the federal government to discriminate against Floridians who voted for Trump, and especially egregious in the aftermath of a hurricane,” the governor said in a press release.

Congressional Republicans have vowed to investigate whether the agency abdicated its duty to the American people. ZUMA Press

“I’m supportive of this legal action by the Attorney General’s Office, and I have instructed state agencies to likewise take any action necessary to investigate and ensure those who engaged in this behavior are held accountable.”

Congressional Republicans said they plan to launch multiple investigations into whether FEMA abdicated its duty to the American people.

“This will be investigated,” promised North Carolina GOP Sen. Ted Budd on Tuesday in an X post.

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“Anyone who abuses the power of the federal government to hurt North Carolinians in need will be held accountable,” Budd added. “I will personally see to it.”

AG Moody’s complaint outlines what the office calls “the terrible facts of the civil rights violations” in the aftermath of the devastation wrought by Hurricanes Helene and Milton in September and October.

The legal document names both Washington and Criswell, and is seeking both nominal and punitive damages on behalf of affected Florida homeowners, includin legal fees.

A FEMA spokesperson told the Post Thursday that the agency “does not comment on pending litigation” and included a link to the agency’s website on employee conduct.

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