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Rise in rent and lease renewals as more people move to Southwest Florida

Rent increase
Posted at 5:56 PM, Oct 22, 2021
and last updated 2021-10-22 17:56:35-04

CAPE CORAL, Fla.  — Housing experts say a rush for people moving to Florida has developers unable to keep up with the demand.

This comes as the nation is seeing a rise in rent and people renewing their leases.

The Florida Apartment Association (FAA) says over the past year, the city of Cape Coral added more than 650 new apartments, a number that actually outpaced the area’s five-year average.

Despite the climb in rooms for rent, the FAA says builders can't seem to meet the need.

Amanda White, Government Affairs Director for the FAA told Fox 4 Lee County is the fastest-growing area in Southwest Florida.

A big reason for why they say the average apartment is selling for $190,000 in Cape Coral.

“And the average rent is sitting around $1500 and I think again this is an indicator that we have a housing shortage here and we anticipate vacancies will drop below 5% which is where they are now, and they are predicted to drop below that by 2022,” said White.

White says during the height of the pandemic people weren’t actively looking for housing like they are now.

She says this is one of the factors for why we are seeing an increase in renters wanting to renew their lease.

White says if you are considering moving out, you should talk with your housing company beforehand,
saying a lot of property owners are willing to make a deal to keep you on the lease.