Cape Coral sees rental prices fall as housing supply outpaces demand

CAPE CORAL, Fla. (WINK)—Cape Coral rental rates have dropped 6% since last year, making the area more affordable for renters.

The average monthly rent in Cape Coral is now roughly $1,500, down about $200 from $1,700 this time last year, according to Apartments.com. Rent in Cape Coral is 8% lower than the national average.

Karen Borrelli, a Cape Coral realtor, said the decrease is tied to fewer people moving to Florida compared to the pandemic era. During 2020, high demand and an influx of buyers moving to Cape Coral forced apartment rental costs to skyrocket.

The supply of rental properties increased in 2020 to accommodate the influx of renters. Now that demand has dropped, sellers are lowering their prices to remain competitive and appeal to interested renters.

"There's an abundance of rental properties available, and so prices have come down just to get people into the apartments and the homes," Borrelli said.

"It was higher last year only because people weren't feeling the effects of not being able to rent the homes," Borrelli said.

The most affordable areas to rent in Cape Coral are near Hancock Bridge Parkway, Trafalgar Parkway and Burnt Store Road, with monthly averages between $1,400 and $1,500.