Known as a Waterfront Wonderland, with over 400 miles of waterways, Cape Coral, Florida, is attracting the notice of property investors looking to take advantage of demand in this fast growing city.
Located just north of Fort Myers, within Lee County, Cape Coral enjoys a location surrounded by precisely what tourists, residents and retirees yearn for – white sandy beaches, a wealth of shopping opportunity and that Florida sunshine.
Consistently rating in polls for growth, the standard of living and opportunity, this pocket of South West Florida is at an exciting stage. Indeed it’s just been ranked the second on a list of The 25 Mots Up and Coming Cities in America by a study from Neighbor.com.
In 2019, Forbes named Cape Coral as the fastest growing city in the country. In addition, the US Census Bureau said that the Fort Myers and Cape Coral area is the seventh fasting metro area in the country.
South West Florida is a high growth population, with the area adding 24,000 residents in 2019. And those residents are getting younger, the median age of residents is 42, and the area is witnessing the arrival of millennials and a growing workforce who are coming to support the expanding tech, office, and industrial companies that are flocking to Cape Coral.
Offering warm weather, an affordable cost of living and a favourable tax environment, increasingly companies are choosing to locate to Cape Coral and the surrounding Fort Myers locations.
Indeed it’s a hub of industry and home to more than 9000 businesses across several target sectors, including tech and biotechnology, medical and healthcare operations and light manufacturing.
Florida has always been one of the world’s leading tourist destinations, but South West Florida has seen an absolute boom as a direct result of the pandemic.
Fort Myers is known for its stunning beaches, fishing and golfing. Sat upon the turquoise waters of the Gulf of Mexico, visitors come to enjoy warm sea temperatures and sunny days.
The Property Market
The real estate outlook for the region looks bright; despite the Covid-19 crisis, Single-family home sales improved 35 per cent in January 2021 over January 2020.
A strong tourist demand, a high student population, and good employment levels mean that the rental market is strong in Cape Coral. Roughly a third of the population rent in the area, and supply is low – meaning demand continues.
The city of Cape Coral was a planned community, and strict zoning limits the development of new housing stock. This, in turn, brings liquidity to the market, as an oversupply is very unlikely.
As a State, Florida offers a friendly environment for investors, with low taxes, no rent control, and no caps on security deposits.
In summary, Cape Coral offers real estate investors a perfect opportunity to take advantage of high yields and an excellent opportunity for long term growth.