Florida Cities Dominate Nation’s List of Highest Housing Vacancy Rates
CAPE CORAL, FL – Six of the largest metropolitan areas in Florida are experiencing significantly higher housing vacancy rates than the national average, according to a new study by Lance Surety Bonds. The analysis, released today, reveals a concerning trend in the state’s housing market, despite recent declines in some areas.
Cape Coral and Fort Myers lead the nation with a 38.7% vacancy rate, followed closely by North Port-Bradenton–Sarasota at 23.7%. Tampa-St. Petersburg-clearwater ranks third nationally with 13.3% of homes vacant, with Orlando-Kissimmee-Sanford (9.5%) and jacksonville (8.6%) also appearing in the top ten.
The study, which compared the 75 largest population areas in the U.S., utilized data from the U.S. Census Bureau and CommercialEdge.
While most Florida markets struggled with vacancies, Orlando-Kissimmee-Sanford and North Port-Bradenton-Sarasota showed positive movement. Orlando experienced a 10 percentage point drop in vacancies between 2018 and 2023, while the Sarasota area saw a 7.8 percentage point decrease.
“These drops could indicate increasing demand for housing, new residents moving in, or stronger local economies,” the Lance Surety Bonds study concluded.
Worcester, Massachusetts, reported the lowest vacancy rate in the country at 3.6%, with Grand Rapids, Michigan, and San Jose, California, also demonstrating limited home vacancies.
the analysis also highlighted challenges in Florida’s commercial real estate sector. Orlando ranked 18th nationally for commercial office vacancies (16.7%), followed by Tampa (15.9%) and Miami (15.6%).