Florida's Cape Coral-Fort Myers metropolitan area has the highest share of rental homes sitting vacant in the entire country, according to recent research from Construction Coverage.Read more: Avoid the Hassle of Rental Properties With These Top Real Estate ETFsThe report, which analyzed data from the U.S. Census Bureau, found that an average 15.3 percent of rental homes in Cape Coral-Fort Myers were vacant in 2023, up from 8 percent the year before.
Petersburg-Clearwater, Florida and Miami-Fort Lauderdale-West Palm Beach, Florida .Higher vacancy rates can generally be found in southern and midwestern states, according to the report, while western and northeastern states have the lowest shares of empty rental homes. This is due to the fact that western and northeastern states have a lower supply of rental units, while demand remains high.