Naples, FL Multifamily Market Report | Lee & Associates | Q1 2026

Market Overview

The Naples multifamily market entered 2026 in a transition phase, with vacancy holding at 10.3%, easing from a peak of 14.6% in mid-2025, as new supply continued working through the pipeline and rent growth moderated relative to the hyper-growth years of 2022-2024. Asking rents ticked up modestly to $2,096 per unit while sale pricing rose to $296,184 per unit and cap rates edged higher to 5.47%, with the market becoming more balanced and negotiable and many sellers needing to adjust pricing to close deals. Roughly 1,781 units remained under construction even as the market shifts toward a more price-sensitive, recalibrated environment after years of an extreme seller's market.

About Lee & Associates

Lee & Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Q1 2026 Naples 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.