NAPLES, Fla. — Southwest Florida's reputation as a vacation paradise comes with an unexpected consequence: some of the highest home vacancy rates in the United States.
A new study from Leave The Key Homebuyers analyzed census data and found three Southwest Florida cities near the top of the national list for empty homes.
The Naples-Marco Island area ranks third in the U.S. for vacant homes, with more than 31% of properties sitting empty. That translates to nearly 79,000 vacant properties out of 248,821 total units, giving this Gulf Coast destination the highest raw number of empty homes among the top 10 metro areas.
The average home value in the Naples-Marco Island area is about $699,000. Many properties sit empty outside peak seasons, with short-term rentals averaging only 61% occupancy, highlighting the area's reliance on seasonal demand.
Florida dominates the vacancy rankings, with half of the top 10 metro areas with the most vacant homes located in the Sunshine State.
The Cape Coral-Fort Myers metro area claims fifth place with a 27.47% vacancy rate. The metro area has the largest number of homes in the top 10 at 465,172, and 127,761 of those are vacant.
In Cape Coral, short-term rentals average a 59% occupancy rate, indicating that many properties are unoccupied during off-peak months. The multifamily rental market in Fort Myers is experiencing challenges, with a 16.7% vacancy rate as of Q1 2025, the highest recorded in recent years.
Punta Gorda secures the sixth position with 27.12% of its homes sitting empty. This represents 34,656 vacant properties out of a total of 127,793.
The study suggests Southwest Florida's reliance on seasonal demand is a major factor behind the high vacancy rates.
For comparison, Lancaster, Pennsylvania has the nation's lowest vacancy rate at just under 2%.
Ben Wagner, co-owner at Leave The Key, commented on the findings.
"These vacancy rates highlight the uneven nature of housing markets across the country. Areas with high vacancy rates often represent seasonal communities, vacation destinations, or regions facing economic challenges," Wagner said.
"The housing market continues to remain uncertain, with some areas showing extreme scarcity while others have significant unused inventory. This disparity can impact everything from property values to community stability and local tax bases," Wagner said.
"Seven of the top 10 metro areas are known beach destinations, suggesting many vacant properties may be seasonal or vacation homes rather than signs of market distress," Wagner said.
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