Southwest Florida Rent Cools Slightly, But Affordability Still Out of Reach

A Welcome Dip That’s Still Far from a Cure

Rent prices in Southwest Florida have finally shown signs of easing, offering a sliver of relief—just not enough. Despite this downward nudge, housing remains a heavy burden for many residents.

According to a statewide study from the University of Florida’s Shimberg Center, the affordability gap persists with low-income renters—nearly 905,000 households—paying more than 40% of their income on rent, significantly above the 30% affordability benchmark.

Over the past four years, median monthly rent has surged by about $500, climbing from $1,238 to $1,719 between 2019 and 2023.

Vacancy Rises, Lease Renewals Drop — But Relief Is Limited

Recent data from Gulfshore Business shows occupancy dipped to 92.7% (from 94.7%), while lease renewals slipped to 65.6%, down from 66.7%. The average rental sits vacant 44 days now, up from 39. This cooling market may offer negotiating power—but only for a fraction of renters.

The Real Problem—An Expansion of Costs, Not Relief

Even with softened demand, the decline in rent hasn’t changed the bigger picture. Rapid population growth combined with limited housing supply continues to push costs upward. The influx of new residents, including many relocating to Lee and other SWFL counties, has outpaced the increase in rental units.

What It Means for Southwest Florida Residents

• Low-income renters remain the hardest hit, living with a persistent risk of being priced out.

• New migrants, while expanding the rental market, are also helping drive prices upward—making affordability increasingly elusive.

• Developers and landlords may soften on terms—but space remains tight and pricey.

• Policy urgency remains as assistance programs, such as rentals with affordability protections, face the threat of losing status if not renewed.

NNN Snapshot: Rent Trends vs. Reality

Bottom Line

Southwest Florida renters can breathe a tiny sigh of relief, but the price tag of renting remains a weight for a large share of the population. Modest declines in rent and increased vacancies offer hope—but not enough to shift the affordability crisis. Without targeted housing interventions, relief will remain a distant dream for many.