Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
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.
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.
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.”
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.
PEMBROKE PARK, Fla. — On the latest episode of “This Week in South Florida” host Janine Stanwood welcomes President and CEO of the Jewish Federation of Broward County Audra Berg, Secretary General of the Assembly of the Cuban Resistance Orlando Gutierrez-Boronat, Division Director of Flood Control and Water Supply Planning for the South Florida Water Management District Carolina Maran, State Rep. Juan Carlos Porras and State Rep. Kevin Chambliss.
The full episode can be seen at the top of this page.
Copyright 2026 by WPLG Local10.com – All rights reserved.
Watch CBS News
South Florida leaders are taking preventative measures to keep residents safe after the U.S. and Israel launched major strikes on Iran early Saturday morning.
Miami-Dade County mayor Daniella-Levine Cava issued a statement reacting to the military operation that President Trump dubbed on Truth Social as “Operation Epic Fury.”
The statement reads: “The escalating conflict between the United States, Israel, and Iran poses serious risks to regional stability and international safety.”
She goes on to say that her thoughts are “with the people of Israel and the Jewish community here in South Florida who are watching these events with worry and uncertainty.” She also says the Iranian people “deserve peace, safety, dignity, and the freedom to live without repression.”
Of the Trump administration’s decision to launch the military operation, Levine-Cava writes: “Any military action taken without congressional authorization is a dangerous precedent, and we must learn from our nation’s past challenges. What must come next is a serious effort to restore stability and pursue diplomacy, not further violence.”
As for measures she will be taking, she says she asked her Chief of Public Safety to “ensure public safety agencies are aware and ready to activate plans in case of any disruption.”
The Miami-Dade Sheriff Rosie Cordero-Stutz also issued a statement saying that MDSO is “taking immediate security measures by increasing patrols to ensure the safety of our residents.” She said that they have increased security presence around places of worship, cultural centers, and schools.
“Our thoughts and prayers are with the servicemen and women protecting our national security interests around the globe,” Cordero-Stutz wrote.
Aventura Police have also responded to the current situation on X, saying that they are monitoring the “current situation in the Middle East with our local, state, and federal partners.”
They go on to say: “At this time, there are no known or credible threats to the U.S. or Miami-Dade County.” However, they note that in “an abundance of caution,” they will be increasing security in religious facilities and other locations they deem as “sensitive” throughout the city.
The City of Miami Beach also posted its statement to X, saying it is also “closely monitoring the ongoing conflict in the Middle East.” They also note that at this time, there are no known credible threats to the city.
They write: “Out of an abundance of caution, we have increased our uniformed presence at synagogues, schools, and other key locations citywide. We remain in close coordination with our law enforcement partners and leaders within the faith-based community.”
They also urge residents to report any “suspicious or unlawful activity” to call their non-emergency number at 305-673-7901 or, if it is an emergency, call 911.
Other cities’ police departments, such as Bal Harbour, Sunny Isles Beach, and Hallendale Beach, posted on their social media that they will also increase security measures after the U.S.-Israel strikes on Iran.
Exclusive: DeepSeek withholds latest AI model from US chipmakers including Nvidia, sources say
Mother and daughter injured in Taunton house explosion
10 acres charred, 5 injured in Thornton grass fire, evacuation orders lifted
Wildfire near Gum Swamp Road in Livingston Parish now under control; more than 200 acres burned
YouTube TV billing scam emails are hitting inboxes
OpenAI didn’t contact police despite employees flagging mass shooter’s concerning chatbot interactions: REPORT
Stellantis is in a crisis of its own making
World reacts as US top court limits Trump’s tariff powers