Apartments for Rent in Cape Coral, FL - Home Rentals | realtor.com® (2024)

FAQs

Why is rent getting so high in Florida? ›

Rising median rental prices in Florida, driven by an influx of new residents and high demand, are deepening the state's housing crisis and challenging economic stability, despite legislative efforts and a slight decline in rental costs in 2023.

Affectionately dubbed the “Waterfront Wonderland,” Cape Coral has earned its reputation as one of the most desirable places to reside in Florida, thanks to its affordability and commendably low crime rate.

Benefits include high appreciation rates, strong rental demand, no state income tax, and relatively low property taxes. Additionally, Florida's diverse economy supports long-term investment stability. These factors collectively enhance the potential for profitable real estate investments.

Will rent go down in 2024, Florida? The short answer is yes. Statistics show that the rental rates in Florida have been decreasing throughout 2023. According to DSNews, single-family rental rates have been falling for 15 months consecutively throughout the country.

Despite the overall cooling of the housing market, rent prices in Florida are not expected to decrease substantially in 2024. The demand for rental properties remains robust, fueled by continuous in-migration and the unaffordability of homeownership for many due to high mortgage rates.

1. Burnt Store. Burnt Store is located in the northwest part of Cape Coral. This neighborhood is known for its beautiful waterfront properties and access to the Gulf of Mexico.

While Florida is a cheaper place to live than other parts of the country, Cape Coral's cost of living is higher than the state average. Compared to nearby Fort Myers real estate, housing costs are 11% more expensive.

Cape Coral's median sale price is 12% lower than the national average. Overall cost of living in Cape Coral is 6% higher than the national average. Learn which home features in Cape Coral add value to a home.

Negotiate in Person

When negotiating your rent, do so in a formal meeting. It's likely that your landlord will not have prepared thoroughly for the discussion. If you come in polite, prepared and persuasive, you'll have a great advantage in negotiation.

Traditional advice suggests renters spend no more than 30% of their gross income (that's the income before taxes) on rent.

Do you need good credit to rent an apartment in Florida? ›

Minimum Credit Score: Applicants must have a minimum credit score of 590. Residency may be denied due to poor credit history. Rental History: Applicants must have at least 12 months of verifiable rental history with no more than three late payments in the last 12 months, as reported by previous landlords.

In short - The state of Florida does not provide a limit to rent increases.

Florida's Limited Land Availability

One of the main reasons the Florida housing market is so expensive is due to limited land available for development, particularly in urban areas. This means that there is less space for new houses to be built, which drives up the price of existing houses.

The Sunshine State has only 25 affordable and available rental homes for every 100 extremely low-income renters, according to The Gap report from the National Low Income Housing Coalition. Most extremely low-income Florida renters—82%, the second highest in the country—are severely cost-burdened.

Winter. Winter is considered the peak season for tourism in Florida, making it a great time to rent an apartment if you're looking for a wide selection of rental properties and competitive prices.