Naples, FL Multifamily Market Report | Lee & Associates | Q4 2025

Market Overview

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Naples ended 2025 on an improving demand trajectory, with trailing 12-month net absorption reaching 1,216 units in Q4, up from just 223 units in Q1. That recovery drove vacancy down from a mid-year peak of 14.6% to 10.3% by year-end. Rent pressure persisted, with asking rents declining to $2,081 per unit from $2,330 a year prior, as nearly 1,175 new units delivered through the year required time to lease up. Construction activity remains elevated at 1,925 units underway. Cap rates ticked up slightly to 5.42%, and sale pricing settled at $208,860 per unit. As the market continues absorbing new supply, conditions are gradually moving toward equilibrium.

‍About Lee Associates

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Lee Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Naples Q4 2025 multifamily market report tracks absorption, vacancy, asking rents, and capital markets activity to help investors and owners assess market conditions. To read the full report, click here.