Department of Numbers

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 $1,080 in 2016 according to the Census ACS survey.1 Average gross rent in Cape Coral was $1,123 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Cape Coral median and average rent data will be released in September of 2018.

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.

Show dollars as: Nominal Real

Real Gross Rent in Cape Coral Florida (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Florida Median Gross Rent $1,086 +2.45% +11.04%
Cape Coral, FL Median Gross Rent $1,080 +6.30% +14.65%

Cape Coral, FL Real Gross Rent Trends

Median gross rent for Cape Coral peaked in real terms in 2006 at $1,132 and is now $52 (4.59%) lower. From a recent low of 914.0 in 2011, real median gross rent has now increased by $166 (18.16%). Average gross rent for Cape Coral peaked in real terms in 2007 at $1,138 and is now $15 (1.32%) lower. From a recent low of 956.0 in 2012, real average gross rent has now increased by $167 (17.47%).

Real Gross Rent in Cape Coral: Cape Coral FL Median, Cape Coral FL Average, Florida Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Cape Coral

Date US
Median
Florida
Median
Cape Coral, FL
Median
Cape Coral, FL
Average
2016 $981 $1,086 $1,080 $1,123
2015 $972 $1,060 $1,016 $1,047
2014 $942 $1,011 $948 $981
2013 $910 $978 $942 $982
2012 $898 $969 $919 $956
2011 $898 $979 $914 $961
2010 $912 $1,011 $932 $963
2009 $916 $1,036 $1,012 $1,026
2008 $932 $1,071 $1,080 $1,095
2007 $885 $1,038 $1,132 $1,138
2006 $895 $1,023 $1,132 $1,123
2005 $869 $966 $1,042 $1,023

Cape Coral Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Cape Coral Florida was 6.79% according to Census ACS data.

Rental Vacancy Rate in Cape Coral Florida

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Florida 8.30% +0.51% -0.92%
Cape Coral, FL 6.79% +0.58% -6.68%

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 14.95% to 6.79%. Data records for this series originated in 2005. From a 2015 post peak low of 6.21%, the rental vacancy rate has increased by 0.58%.

Rental Vacancy Rate: Cape Coral FL, Florida, US

Rental vacancy rate in Florida

Historical Rental Vacancy Rate data for Cape Coral

Date US Florida Cape Coral, FL
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%
2008 7.86% 12.67% 21.62%
2007 7.87% 11.55% 21.74%
2006 7.70% 8.32% 15.82%
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 24.49% in 2016 according to the ACS.

Cape Coral Florida Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Florida 25.62% +0.23% +0.29%
Cape Coral, FL 24.49% +0.73% +0.25%

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 2009 (relative to the 2005 series origin) at 24.61%. Since then it has fallen by 0.11% to 24.49%.

Fraction of Income towards Rent: Cape Coral FL, Florida, US

Percent of median household income going towards median monthly gross rent in Cape Coral Florida

Historical Data for Annual Rent as a Fraction of Income in Cape Coral Florida

Date US Florida Cape Coral, FL
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%
2008 19.00% 23.79% 22.58%
2007 18.66% 23.22% 23.88%
2006 18.90% 23.00% 23.85%
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 2016 29.82% of households were renters according to Census ACS data.

Cape Coral Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Florida 35.87% -0.35% +0.66%
Cape Coral, FL 29.82% -0.85% -0.91%

Trends in the Cape Coral, FL Renter Fraction

The Cape Coral household renter fraction peaked in in 2014 at 32.98% and is now 3.16% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Cape Coral FL, Florida, US

Fraction of renters in Cape Coral

History of Cape Coral Renter Fraction

Date US Florida Cape Coral, FL
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%
2008 33.36% 30.33% 24.95%
2007 32.80% 29.39% 25.83%
2006 32.73% 29.72% 25.00%
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.