Rising rent prices near the BettPlex in Bettendorf are pushing small business owners to make tough choices. Many companies are left with the choice to stay and pay the unsustainable costs or find a less expensive area.
Property owners near the BettPlex have recently increased prices on their rents because of the area’s sudden rise in popularity. What was once an affordable spot to start a business is now leaving small businesses with problems of keeping up.
Owner of L&B Gyros near the BettPlex area, Nadia Selmani, shared her thoughts about the rise in rent prices. “When I first started renting this building, it was excellent. The rent was at a good price; the activities near the area increased my profit,” explained Selmani. “Now, the rent prices have gone up tremendously, to around $4,500 a month, which has caused my profit to decrease.”
Compared to some of the other rent prices in Bettendorf, the BettPlex area is extremely expensive.
For example, the owner of Cookies by Design Quad Cities on Middle Road, Gail Lewis, shared his thoughts on the rent prices there. “The rent price for my building is about $3,000 a month,” said Lewis. “I have heard that areas like the BettPlex are a lot more expensive, but others are cheaper.”
Although some owners continue to rent in the BettPlex area, others have made the decision to relocate or expand to other cities with lower rent prices like Moline, Rock Island or Davenport.
While high rent prices are causing owners to rethink their strategy, they are also discouraging future entrepreneurs from pursuing a business. The BettPlex area, previously considered a great place for business creations, is now becoming inaccessible.
Satyanam Singh, a business owner, expressed his interest in renting out a building near the BettPlex before ultimately deciding to go to Davenport. “I wanted to start my small business in the BettPlex area, but when I saw the rent prices they were giving out, I decided to go in a different direction,” explained Singh. “I saw a space that was open for rent in Davenport, and I decided to begin my business there due to the difference in rent prices.”
The challenge for the BettPlex area is to balance growth with keeping the prices affordable for renters. If no action is taken, some of the local businesses that made the area special could disappear. At this time, owners are trying to do their best to survive and adapt to the circumstances.
