In the past three months alone, more than 1,400 [tag]apartment[/tag]s have hit the market in [tag]Collier County[/tag] as [tag]condominium[/tag]s. More are on the way. The market has been so hot that some planned apartments have converted to condos even before they were built, such as the 300-unit [tag]Sierra Grande[/tag] of [tag]Naples[/tag] off [tag]Rattlesnake-Hammock Road[/tag], where prices start in the mid-$200,000s.
Among apartments that have converted in Collier County are [tag]Santa Barbara Landings[/tag], [tag]St. Croix[/tag], Enclave, and the Reserve at Naples. The average occupancy rate at the remaining apartments in the Naples area is 99 percent and average rents are increasing by nearly 14 percent annually, according to CB Richard Ellis. The average rent for a [tag]two-bedroom[/tag] apartment recently rose to $1,154 a month.
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