CAPE CORAL, Fla. — Cape Coral is considering raising residential rental property registration fees from a one-time $35 payment to $600 annually per dwelling unit - a significant 1,614% increase that would affect rental property owners.
At the same time the city aims to establish a dedicated Tourist Development Fund through Ordinance 27-25, which would be funded exclusively by these rental registration fees.
According to the proposal, the increased fees would serve two purposes:
- Fund tourism promotion, events, and attractions
- Support additional code enforcement for rental properties
The creation of a new dedicated fund represents a shift in how tourism development is funded in Cape Coral, moving from general funding to a specific revenue stream.
The proposal could affect the local rental market, potentially increasing costs for property owners that might be passed on to renters.
Currently there are about 9,000 rentals in the city of Cape Coral. The new fees could add up to over $5 Million more dollars for the city.
WATCH: Is The Short Term Rental Boom In Cape Coral About To Bust:
In a press release from the City, Cape Coral says it's investing in it's future.
“Establishing our own Tourist Development Fund is a strategic investment in Cape Coral’s future,” said District Six Councilmember Keith Long. “It will allow us to create new opportunities for residents and visitors, enhance our community’s appeal, and support projects that improve quality of life for everyone.”
The City said, the Tourist Development Fund would provide vital resources to promote tourism, enhance community amenities, and support events and attractions that benefit both residents and visitors.
Both ordinances (26-25 and 27-25) are being introduced at the May 21 Regular City Council Meeting.
