Apartment Deliveries Soar in Cape Coral-Fort Myers
A small Florida market is logging new apartment deliveries at a rate comparable to the volumes in some much bigger markets. A little over 3,600 units were completed in Cape Coral-Fort Myers in the year-ending 1st quarter 2021. This was the biggest completion volume the market has seen in at least a decade and was much bigger than the market’s average of about 1,450 units of new product delivered annually in the past five years. Deliveries in Cape Coral-Fort Myers in the past year are about in line with the total delivery numbers in Salt Lake City, which is twice its size, and Las Vegas, where the existing base is four times bigger. Looking at more local numbers, the nearby comparably-sized North Port-Sarasota-Bradenton saw deliveries totaling about 2,700 units, while Tampa – a bit farther away and five times the size – logged completions of about 5,700 units in the past year. Among the nation’s largest 150 apartment markets, Cape Coral-Fort Myers came in third for inventory change in the year-ending 1st quarter, with an increase of 7.8%. About 3,300 units are under construction here, which will increase the existing base by another 6.7%.