Study shows rent prices dropping in areas of SWFL

According to national data, rent is slowly dropping in Lee, Collier and Charlotte counties. A new study with Florida Gulf Coast University shows the price drop might be more drastic than we think.

The more apartments that are built, the more choices available for renters of southwest Florida, but those landlords don’t want you to leave their complex for a new one.

So, many might just give you a reason to stay. Lower rent.

“I think it is something we can at least count on prices remaining, if not falling a bit more, during 2025,” said Dr. Shelton Weeks.

Or as FGCU professor Dr. Shelton Weeks explains: benefits.

“What you’re seeing in a lot of cases are landlords that are starting to give a free month’s rent, or perhaps they’re throwing in a gym membership or something else to sweeten the deal and allow them to keep rents at the current level,” said Weeks.

Andrew Smith, who rents in Fort Myers, saw both benefits already this year.

“There’s definitely been a price drop,” said Smith. “Originally it was pretty chaotic – prices that were just stupid but they seem to be lowering down, especially have them retain us they’ve done some little specials.”

A study done by Weeks’ team at Florida Gulf Coast University showed a trend in decreased rent prices in Charlotte, Lee and Collier counties. For some renters, it’s just not enough.

There’s a rule of thumb when it comes to renting that came from the Department of Housing and Urban Development: Rent should be no more than 30 percent of your monthly gross income.

Weeks says that’s tough here.

“For most people, know it’s it’s very challenging to only pay 30% especially if you’re looking at folks that are relatively young and are still seeing their earning potential increase year after year,” said Weeks.

Weeks says the excess of units on the market today will be absorbed and eventually, we’ll see rates rise again, but he said that shouldn’t happen for a while now.