Cape Coral Construction to Taper Off
After peaking in 2021, annual apartment supply in Cape Coral-Fort Myers is scheduled to come down over the next couple of years, though supply will remain elevated compared to the recent past. In 2021, over 3,800 new units came online in Cape Coral, marking an all-time high for this small Florida market consisting of about 50,000 existing apartment units. That rate of completions will fall by more than half over the coming year as about 1,700 units are scheduled to deliver in 2022. While 2022’s pace of construction is expected to ease, however, this rate still stands well above the long-term average of about 1,300 units delivered from 2016 through 2020. Annual supply before 2016 was far lower, averaging less than 100 units per year. In 2023, another 1,300 units are forecasted to deliver, though – as construction timelines go – that could still change as completion nears.