Fort Myers, FL Multifamily Market Report | Lee & Associates | Q1 2026

Market Overview

The Fort Myers multifamily market entered 2026 on shaky footing, with high vacancy near 17.2% and declining asking rents as oversupply continued to outpace demand following years of aggressive construction. The Cape Coral-Fort Myers area has stabilized at an elevated vacancy level after the 2025 shift from boom conditions to an oversupplied, competitive environment, and roughly 4,585 units remained under construction even as new groundbreakings slowed early in 2026, compounding near-term supply pressure. Asking rents fell to $1,689 per unit and sale pricing softened to $202,144 per unit, while cap rates edged up to nearly 6.0%, reflecting a market recalibrating toward more disciplined, fundamentals-driven decisions.

About Lee & Associates

Lee & Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Q1 2026 Fort Myers multifamily market report tracks net absorption, vacancy, asking rents, sale pricing, and top transactions to help investors and owners assess current market conditions. To read the full report, click here.