22 Sep September 2024: Denver Metro Area Rental Market Update
Determining the optimal rent to charge for your home in the Metro Denver area is essential for maximizing your rental income. The rental market across Denver and its neighboring cities can vary, making it crucial to understand the current trends to make an informed decision. By examining the rental data from September 2024 for Denver, Highlands Ranch, Castle Rock, Centennial, and Aurora, you can gain valuable insights into what to expect. Let’s explore the specifics for each city.
Denver – Single Family Homes
Denver‘s rental market has experienced a slight decline recently. The median rent for single-family homes is now $2,995, which is $80 lower than the previous month but $45 higher than last year. Properties in Denver typically stay on the market for about 40 days, with 1,022 rentals currently available. The city’s vibrant culture, economic opportunities, and diverse neighborhoods continue to attract renters, maintaining a steady demand despite the slight dip in prices.
Highlands Ranch – Single Family Homes
Highlands Ranch remains a highly desirable rental market. The median rent for single-family homes is $3,200, showing a $50 decrease from the previous month but a $126 increase year-over-year. Homes in Highlands Ranch spend an average of 32 days on the market, with 95 rentals currently available. Known for its family-friendly environment, excellent schools, and numerous parks, Highlands Ranch continues to be a top choice for renters.
Castle Rock – Single Family Homes
Castle Rock’s rental market has seen a small uptick. The median rent for single-family homes is $3,240, which is $50 higher than the previous month and $40 higher than last year. Properties in Castle Rock stay on the market for an average of 47 days, with 113 rentals currently available. The town’s blend of natural beauty, outdoor activities, and suburban charm makes it an appealing destination for renters seeking a balance between city and country life.
Centennial – Single Family Homes
Centennial’s rental market has cooled off a bit. The median rent for single-family homes is $3,000, reflecting a significant $200 decrease from both the previous month and last year. Homes in Centennial typically stay on the market for about 37 days, with 83 rentals currently available. Despite the recent drop in rental prices, Centennial remains popular due to its strong community focus, top-rated schools, and proximity to Denver.
Aurora – Single Family Homes
Aurora remains one of the more affordable options within the Metro Denver area. The median rent for single-family homes is $2,900, showing a slight $5 increase from the previous month and a $65 rise year-over-year. Properties in Aurora stay on the market for an average of 35 days, with 394 rentals currently available. Aurora’s diverse neighborhoods, extensive amenities, and relatively lower rental costs continue to attract a wide range of renters.
For a more tailored rental analysis of your home, use our form [click here] to fill out your information and address. The experienced team at Unlimited Real Estate will review your property and provide a detailed estimate of your potential rental income based on comparable homes in the area, current market trends, and other key factors.
Data courtesy of Zillow Rental Market Trends as of September 20, 2024.