Sharing latest Cape Coral experience finding a new tenant

[Terry Fox]

Hi BP, 

I am in process of turning over one of my rentals in SW Cape Coral as the current tenant is moving out to buy a new home (also in Cape Coral).  

The basics: The home is a 3/2/2 built in 2000 in SW Cape Coral.  It is 1700+ square feet, no pool, and has a fenced in backyard.  Asking $1,695/month for rent.

I went through my usual process of listing the home for rent on Zillow (which gets my listing on their partners as well like hotpads.com). I listed it on Saturday morning. In the past, it was a good day if I had 6-10 inquiries in the first day.  This time I had 85 inquiries by Sunday night. I had to create a spreadsheet to keep track of them all when in the past I had just used pen and paper.

My Observations:

Many inquiries were from renters where their current landlord was selling the current house.  The amount of appreciation for landlords who bought 5 or 10 or 20 years ago is a big temptation to cash out.

Many Inquiries were from people moving into Cape Coral from out of state. Plenty of people from up north.

Many inquires were from people who were building a new house, and needed somewhere to rent until their house was built.  Many sold their current house in order to pay for their new build.  They have to rent in the interim as there is an extended waiting period before their new house was ready due to demand and supply constraints.

In the end I wish I had 10 more houses to rent, but those currently on the market are priced so high, $1,695/month generally won't cash flow. I suppose if I had 85 inquiries at $1,695. I wonder how many I would have had at $1,795 or higher.

That's my update. I hope some of you find it useful.