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Rental prices in Cape Coral – Fort Myers on the rise

CAPE CORAL, FL –

A new survey finds rent prices for single-family homes are on the rise. Cape Coral is number one on the list, according to a list released by a company called Rent Range.

A year ago, Kristen Denton did something she had never done before. She rented a home.

The mother of two says it was her best financial option at the time because she was going through a divorce.  But now, 13 months later, she’s pleasantly surprised that she enjoys renting and may not rule it out in the future.

“I like that I can let the property management team know if something goes wrong or if I need something fixed, and they are out here pretty quickly to fix it,” said renter Kristen Denton.

Denton found the perfect home in Cape Coral through Douglas Property Management, a company that manages close to 1,000 rental properties.

Their clients, like Denton, are all experiencing a rise in rent. Realtors say it’s the simple economics of supply and demand.

“Anytime you have a low supply and high demand, prices go up,” said realtor Christian Haag.

A new study by Rent Rage says Cape Coral and Fort Myers top the list nationally when it comes to rising rent prices.  The average rent increased nearly 24 percent compared to last year.

Realtors said when the market crashed in 2008, Cape Coral was the hardest hit and had the most foreclosures of any city in the U.S.  That forced many companies to retool their approach to buying and renting.

“Five years ago for a three-bedroom, two-bath home, we were typically charging $8-900 a month tops. Now for a three bedroom, two-bath without a pool, we are charging $1,300-$1,350 because we can,” said Haag.

As for what the future holds, experts predict rental prices in the Cape Coral – Fort Myers market will continue to rise in the short term. But eventually, they will have to come back down.

By Stacey Deffenbaugh, Anchor / Reporter

Source: http://www.nbc-2.com/story/30320099/rental-prices-in-cape-coral-fort-myers-on-the-rise#.Vi5yIfmrTIV

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