If you think rent in Cape Coral is too high, you’re right. It absolutely is. And you’d have to head east past Miami and out of Florida to Puerto Rico to find a more overpriced rental market. The average rent in San Juan, Puerto Rico is $3,527.71 a month. Outside investors from the states are buying up properties and turning them into AIRBNBs. The tax benefits are clear, according to USA Today. “Americans who move existing or create qualifying businesses or investments to Puerto Rico can lower their federal income tax rate from up to 37% in the states to zero on income earned in Puerto Rico. ” So that’s what going on in Puerto Rico, but why is Cape Coral so high?
We’re still seeing effects from Hurricane Ian in Southwest Florida. People that used to live on Fort Myers Beach, are now living in Cape Coral. People from out of town working on Sanibel are living in Cape Coral. One of my neighbors is actually housing people from Texas that are here working.
AIRBNB has also taken rentals off the market. Why rent your house to a family when you can charge tourists 4 times as much? It sucks, it’s bad here, but how do we compare to other cities?
An updated study by the FAU College of Business determines rankings by figuring in the cost of rent versus what it SHOULD be.
And according to them, we’re paying too much. There’s actually quite a few places for rent right now. But you’ll need to pay up.
Researchers from the study conducted at the FAU College Of Business say the premiums we pay in Florida probably won’t change much until more units are built. And with a shortage of building supplies and a large amount of people who want to move here, there’s no telling when that will happen in the Cape Coral Rental market.
Three columns under each city: The percentage of what they consider overpriced (the premium), the average rental price, followed by what FAU has computed the price of rent should be.
