The cost of renting a property can vary greatly depending on a number of factors, such as location, size, and quality. Jeff Johnson, an expert with over 25 years of experience in the real estate industry, predicts that Southwest Florida will continue to have unaffordable housing until the area can accommodate the growing number of people looking to rent or buy a home. The booming housing market is also helping to boost demand for rental properties in this region. Every month, the three universities release the Waller, Weeks and Johnson rent index, which breaks down changes in rents in the country's largest metropolitan areas.
According to researchers from Florida Atlantic University and Florida International University, it's still smarter to rent anywhere except in Southwest Florida due to the high cost of housing. Population and jobs are increasing, municipalities are business-friendly, and there is more demand than supply in the housing market. In the three southwestern Florida counties of Cape Coral, Lehigh Acres and Fort Myers, it's becoming increasingly expensive for a typical family to apply for a mortgage on a second-hand single-family home at a mid-market price. These cities are among the most important “booming cities” in the country due to their strong population growth and the number of local businesses.
Lee County is the fastest-growing county in Southwest Florida, but even smaller counties such as Glades and Hendry have experienced positive growth over the past 10 years. The Southwest Florida Economic Development Alliance (SWFLEDA) notes that the five counties that make up Southwest Florida (Lee, Collier, Charlotte, Glades and Hendry) are experiencing strong growth. A report from Florida Atlantic University, the University of Alabama and Florida Gulf Coast University shows that rents in the Fort Myers-Cape Coral area are increasingly draining the pockets of Southwest Florida residents. So what is the average rental rate for real estate in Southwest Florida? It depends on several factors such as location, size and quality.
However, it is safe to say that rental rates are higher than average due to high demand and limited supply. If you're looking for an affordable rental property in Southwest Florida, it's best to do your research and compare prices before making a decision.
