28 Aug August 2024: Denver Metro Area Rental Market Update
Renting out your home in Metro Denver can be a lucrative venture, but setting the right rental price is essential to maximize your investment. In this blog, we’ll examine the latest rental market data for single-family homes in key cities within Metro Denver: Denver, Highlands Ranch, Castle Rock, Parker, Centennial, and Aurora. Understanding the current median rents, market trends, and average days on the market will help you determine a competitive and appealing rental price for your property.
Denver – Single-Family Homes
Denver continues to be a vibrant rental market with a median rent of $3,050 for single-family homes. Despite a notable month-over-month decrease of $120 and a slight year-over-year decline of $29, demand remains robust. With an average of 36 days on the market and 976 available rentals, pricing your property competitively is key to attracting tenants promptly.
Highlands Ranch – Single-Family Homes
Highlands Ranch shows slight fluctuations in the rental market, with a median rent of $3,250. The month-over-month change shows a decrease of $45, while the year-over-year increase of $50 indicates growing demand in this family-friendly community. Homes here typically spend about 28 days on the market, and with only 112 available rentals, the competition remains tight, making it a favorable environment for landlords.
Castle Rock – Single-Family Homes
In Castle Rock, the median rent is currently $3,200, showing a modest month-over-month increase of $33 and no change year-over-year. Properties here tend to stay on the market longer, averaging 41 days, with 119 available rentals. Setting your rental price strategically—perhaps slightly below the median—could help reduce vacancy periods.
Parker – Single-Family Homes
Parker remains a strong rental market with a median rent of $3,325. Though there was a slight month-over-month decrease of $30, the year-over-year increase of $25 reflects a stable demand. Homes in Parker average 31 days on the market, and with 157 available rentals, it remains a desirable area for tenants, allowing for potentially higher rental income.
Centennial – Single-Family Homes
Centennial’s rental market shows stability with a median rent of $3,200. There has been no change month-over-month or year-over-year, indicating a steady market. With homes spending an average of 35 days on the market and only 89 available rentals, landlords can expect consistent interest in their properties.
Aurora – Single-Family Homes
Aurora presents a more budget-friendly rental market with a median rent of $2,900. Despite a month-over-month decrease of $50, the year-over-year increase of $75 suggests increasing demand. Homes here average 35 days on the market, and with 375 available rentals, Aurora continues to attract renters looking for value.
For a detailed rental assessment of your home, simply fill out our form [click here] with your information and address. The expert team at Unlimited Real Estate will review your property and provide an estimated rental income based on local market trends, comparable properties, and other key factors.
Data courtesy of Zillow Rental Market Trends as of August 26, 2024.