Updated about 7 years ago on . Most recent reply
#5 Wholesaling Contributor
- Real Estate Broker
- Naples, FL
- 6,552
- Votes |
- 9,365
- Posts
Cape Coral Rental Rates Have Topped Out
#5 Wholesaling Contributor
- Real Estate Broker
- Naples, FL
Every time I had a vacancy I was able to fill it and increase rents. That appears to be over. I had two turnovers in May. I lost 21 days rent on one and a full month on the other with no rental increase. The new properties coming online are dampening the pool of renters IMO. I am leveraged at 15% LTV so no sweat if they sit vacant BUT it still results in less income.
Most Popular Reply
I have a 3/2/2 in San Carlos Park. My lease from last year was $1700/month. I just did a new lease starting August 1st and rent is $1850/month. I understand San Carlos Park is different than Cape Coral. I think San Carlos Park rents still have some upside, but not very much. I expect it to top out around $2000/month in the next 2 years.