What is the rental market for average 3/2 in SE Cape? (Cape Coral: real estate, foreclosure)

[pairajacks]

What is the rental market like for an average 3/2 home in SE Cape Coral? I'm looking at forclosures and weighing the costs. It looks to me like the rents are roughly 800/month for this area (not on canal, no pool). In the under 100k price range, this home would not be a vacation home. I imagine it would be for someone who is still working full time.

So this really becomes two questions;
1. Are there just tons of homes for rent and this would be vacant for extended (3-5 months) at a time?
2. I suspect there are many more homes for rent in more overbuilt areas (NW, North Central, NE). Traffic is not so good in CC; Is it far more desirable to rent a home that is close to the bridges crossing into Ft Myers rather than way up in north CC?

[Florida Paradise]

There are a TON or rentals... and a mass exit from Florida.

I recently researched renting out my 2/2 town home in South Ft. Myers and found that there is just too much competition for the annual rental market. Some rentals going as low as $550.00 a month including ulitities. Hundreds and hundreds of them for rent and that was JUST on Craigslist. Fortunately "seasonal" rentals are still fetching pretty nice rental fees. There will always be northerners coming down to get away from the cold winters. AND I found that if you have a place right around South/Mid Ft. Myers (near Edison College and slightly north) you will find that many ball players are looking to rent for Spring training for 2 MLB teams. I also found traveling nurses who are staying "short" term for the local hospital.

$1600.00 to 2000.00 per month for "seasonal" in season (Jan/Feb/Mar) for a nicely renovated, beuatifully furnished 2/2 seems to be the going rate in South Ft. Myers... Not sure about a 3/2 in the Cape. But remember LOCATION/LOCATION/LOCATION... is everything! Most real estate agents will list the best areas... and it is definetly advise you should listen to.

Regardless of the area you choose... I still think now is the time to invest with the unbelievable historic low prices, but you need to understand that you may not get enough rental money to pay for your monthly costs of the investment (not right away anyways)

[SWFL_Native]

I think my inlaws just rented our their 3/2 non-pool & non-canal home in SE CC for somewhere near $700/month.

[pairajacks]

I'm surprised this question did not generate alot of responses, especially from the people who own rentals but are having a hard time. I've contacted a few property management companies and they claim the rental market (not vacation rentals) is good.

[hiknapster]

Of course they did.

I don't understand. Don't take anyone's word. Go to Craigslist and look. That will tell you all you need to know.

[twobums]

pairajacks ~ if you need that monthly rent to make expenses, probably not a good idea to buy one.

[pairajacks]

Yeah, the rental rates seem somewhat low, and it's hard to tell if they're getting any bites from their ads. It's funny, I recognized one of the rentals as a foreclosure house from back a couple months ago. They used the same pictures of the kitchen that the bank listing agent did. Now they're listing it as rental to own.

[tlittle19]

We're looking for a high end rental...willing to pay 3,500/month for an annual unfurnished place and can't seem to find anything...

[tomno00]

Originally Posted by tlittle19

We're looking for a high end rental...willing to pay 3,500/month for an annual unfurnished place and can't seem to find anything...

Where are you looking?

[ZebraCrossing]

I recently discussed this with a rental agent at a large condo development and she explained that they had numerous inquiries but when it came to a credit check things fell apart. So, as they had bad credit, 2 months - deposit and last - rental was requested but the majority just did not have this amount of capital available, maybe because they had recently faced foreclosure. So if you have a property that is in poor condition or you are prepared to take a gamble you may rent it more easilly by requesting a very small deposit. I am sure there are Realtor's who frequent this forum that give better advice on this point.