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Property manager: Rental prices, affordable housing demand skyrocketing

Affordable Housing
Posted at 5:39 PM, Mar 16, 2022
and last updated 2022-03-17 06:12:30-04

CAPE CORAL, Fla. — On Wednesday, Genelle Bennet, owner of American Property Management, said in Cape Coral, there are more people looking for affordable housing than there are units available.

This comes as Lee County commissioners announced on Tuesday that 96 low-income homes will be built off Pine Island Road in Cape Coral.

Bennet says it has not been easy for Cape Coral families to afford a place to live in recent months.

"As far as going from $1,800 a month up to $2,300 or 2,400 a month," said Bennet.

While she's been in business in Cape Coral for 5 years, she's only seen rents this high in the past year.

Another reason why Michael Allen, President of ReVital Development Group said they are building 96 affordable housing units which will be called Civitas of Cape Coral.

"Almost 32%, rents have gone up over the past year," said Allen.

Allen said the new homes will be priced between 30% and 80% of Cape Coral's median income.

"We are looking at households that are going to be making in the range of $16,000- $60,000," said Allen.

It's a need that even hit home for local leaders like Lee County commissioner Kevin Ruane during a board meeting on Tuesday.

"As someone who came from affordable housing, it's a great opportunity," said Ruane.

The property, Civitas of Cape Coral, is a Latin word nodding to the hope that it will bring people together and meet a critical need in this community.