Cape Coral Florida Residential Rent and Rental Statistics
The median monthly gross residential rent in Cape Coral, FL (the Cape Coral-Fort Myers metro area) was $1,220 in 2019 according to the Census ACS survey.1 Average gross rent in Cape Coral was $1,209 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Cape Coral median and average rent data will be released in September of 2021.
Data is also available below for Cape Coral rental vacancy rates, Cape Coral rent as a percent of median income and the fraction of renters in Cape Coral.
Real Gross Rent in Cape Coral Florida (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Florida Median Gross Rent | $1,238 | +2.91% | +8.88% |
| Cape Coral, FL Median Gross Rent | $1,220 | +0.74% | +7.87% |
Cape Coral, FL Real Gross Rent Trends
At $1,220, real median gross rent in Cape Coral was at its highest level in 2019 since the series began in 2005. Average gross rent for Cape Coral peaked in real terms in 2018 at $1,246 and is now $37 (2.97%) lower.
Real Gross Rent in Cape Coral: Cape Coral FL Median, Cape Coral FL Average, Florida Median, US Median
Real Gross Rent History for Cape Coral
| Date | US Median |
Florida Median |
Cape Coral, FL Median |
Cape Coral, FL Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,238 | $1,220 | $1,209 |
| 2018 | $1,077 | $1,203 | $1,211 | $1,246 |
| 2017 | $1,043 | $1,163 | $1,151 | $1,205 |
| 2016 | $1,027 | $1,137 | $1,131 | $1,176 |
| 2015 | $1,017 | $1,110 | $1,064 | $1,096 |
| 2014 | $986 | $1,059 | $992 | $1,027 |
| 2013 | $953 | $1,024 | $987 | $1,028 |
| 2012 | $940 | $1,015 | $963 | $1,001 |
| 2011 | $941 | $1,025 | $957 | $1,007 |
| 2010 | $955 | $1,058 | $976 | $1,008 |
| 2009 | $960 | $1,085 | $1,060 | $1,075 |
| 2007 | $927 | $1,087 | $1,185 | $1,191 |
| 2005 | $910 | $1,011 | $1,091 | $1,071 |
Cape Coral Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Cape Coral Florida was 10.36% according to Census ACS data.
Rental Vacancy Rate in Cape Coral Florida
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Florida | 8.72% | +0.20% | +0.42% |
| Cape Coral, FL | 10.36% | +2.98% | +3.57% |
Trends in Cape Coral, FL Rental Vacancy Rate
The rental vacancy rate in Cape Coral peaked in 2007 at 21.74%. Since then it has fallen by 11.38% to 10.36%. Data records for this series originated in 2005. From a 2015 post peak low of 6.21%, the rental vacancy rate has increased by 4.15%.
Rental Vacancy Rate: Cape Coral FL, Florida, US
Historical Rental Vacancy Rate data for Cape Coral
| Date | US | Florida | Cape Coral, FL |
|---|---|---|---|
| 2019 | 5.97% | 8.72% | 10.36% |
| 2018 | 6.15% | 8.52% | 7.38% |
| 2017 | 6.18% | 9.16% | 11.09% |
| 2016 | 5.89% | 8.30% | 6.79% |
| 2015 | 5.85% | 7.79% | 6.21% |
| 2014 | 6.32% | 8.66% | 8.57% |
| 2013 | 6.49% | 9.22% | 13.47% |
| 2012 | 6.77% | 9.37% | 11.43% |
| 2011 | 7.40% | 10.91% | 15.22% |
| 2010 | 8.17% | 12.17% | 15.19% |
| 2009 | 8.43% | 13.16% | 19.23% |
| 2007 | 7.87% | 11.55% | 21.74% |
| 2005 | 7.74% | 7.72% | 14.00% |
Rent as a Fraction of Income
Using median household income data for Cape Coral, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Cape Coral, median monthly gross rent as a fraction of median household income was 23.52% in 2019 according to the ACS.
Cape Coral Florida Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Florida | 25.08% | -0.49% | -0.54% |
| Cape Coral, FL | 23.52% | -1.92% | -0.97% |
Trends in Cape Coral, FL Rent as a Fraction of Income
The fraction of median Cape Coral household income required to pay median monthly gross rent peaked in 2018 (relative to the 2005 series origin) at 25.44%. Since then it has fallen by 1.92% to 23.52%.
Fraction of Income towards Rent: Cape Coral FL, Florida, US
Historical Data for Annual Rent as a Fraction of Income in Cape Coral Florida
| Date | US | Florida | Cape Coral, FL |
|---|---|---|---|
| 2019 | 20.03% | 25.08% | 23.52% |
| 2018 | 20.50% | 25.57% | 25.44% |
| 2017 | 20.13% | 25.74% | 24.83% |
| 2016 | 20.43% | 25.62% | 24.49% |
| 2015 | 20.63% | 25.40% | 23.76% |
| 2014 | 20.89% | 25.36% | 22.99% |
| 2013 | 20.78% | 25.34% | 24.24% |
| 2012 | 20.65% | 25.42% | 23.47% |
| 2011 | 20.70% | 25.71% | 23.49% |
| 2010 | 20.50% | 25.59% | 23.84% |
| 2009 | 20.12% | 25.54% | 24.61% |
| 2007 | 18.66% | 23.22% | 23.88% |
| 2005 | 18.89% | 22.88% | 22.75% |
Renter Fraction in Cape Coral Florida
You can calculate the renter fraction in Cape Coral in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Cape Coral as a fraction of total Cape Coral households. In 2019 24.49% of households were renters according to Census ACS data.
Cape Coral Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Florida | 33.75% | -0.33% | -2.12% |
| Cape Coral, FL | 24.49% | -2.67% | -5.33% |
Trends in the Cape Coral, FL Renter Fraction
The Cape Coral household renter fraction peaked in in 2014 at 32.98% and is now 8.49% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Cape Coral FL, Florida, US
History of Cape Coral Renter Fraction
| Date | US | Florida | Cape Coral, FL |
|---|---|---|---|
| 2019 | 35.89% | 33.75% | 24.49% |
| 2018 | 36.05% | 34.08% | 27.16% |
| 2017 | 36.13% | 34.85% | 28.55% |
| 2016 | 36.88% | 35.87% | 29.82% |
| 2015 | 36.97% | 36.22% | 30.67% |
| 2014 | 36.90% | 35.95% | 32.98% |
| 2013 | 36.50% | 35.21% | 30.73% |
| 2012 | 36.09% | 34.36% | 31.88% |
| 2011 | 35.42% | 33.28% | 28.94% |
| 2010 | 34.65% | 31.85% | 29.02% |
| 2009 | 34.13% | 31.52% | 26.84% |
| 2007 | 32.80% | 29.39% | 25.83% |
| 2005 | 33.10% | 30.43% | 26.65% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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