Denver median rents have held steady month to month, up 0.2% over the past month 0.9% year over year. Denver’s rents are higher than the national figure, according to Apartment List.
Currently Denver rents stand at $1357 for a two bedroom, but I have to be honest I know a lot of renters and none of them are paying that. This would be considered a steal. So, I wonder how inner city pricing vs suburban pricing is combining for this average. If you calculate the rates among the Denver Metro area an average 2 bedroom rental costs $1854 which sounds much more in line with the active rental market. See how much home you can buy in Denver for $1900 per month.
Zumper, another online real estate company, looked at more than 1 million of its listings in 100 cities across the country to come up with its February results. Zumper put the two-bedroom median rent for Denver at $1,900.
Have you ever heard of rental prime time as a landlord? Well here is the graph that shows it. If you can plan for your property to be vacant between May-July you’ll rent at the peak market. So yes, there is a strategy to cash flow your investment properties more.
Average rents across the Denver metro area for 2 bedrooms is $1854
Denver rents more affordable than many other large cities nationwide
As rents have increased marginally in Denver, a few comparable cities nationwide have also seen rents grow modestly. Denver is still more affordable than most similar cities across the country.
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Rents increased moderately in other cities across the state, with Colorado as a whole logging rent growth of 1.6% over the past year. For example, rents have grown by 3.2% in Colorado Springs and 1.2% in Fort Collins.
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Renters will find more reasonable prices in Denver than most other large cities. For example, San Francisco has a median 2BR rent of $3,100, which is more than twice the price in Denver. (If you’re still wondering why so many people from SF are moving to Denver, here’s a great example.)
Don’t pay someone else’s mortgage and don’t continue to be that person that says I wish I would have bought 1, 3, 5, years ago. If you’re a renter you’ve heard it or said it. If I only would have bought 3 years ago, well you’re going to be saying the same thing in 3 years as values rise. So, now is the time to get into the Denver real estate market and start gaining your own home equity. See what Denver homes your $1900 monthly payment could buy.
If you’re looking at this information from an investor’s point of view I am an experienced real estate investor and happy to help you find the right rental property.
Source: For more information check out Apartment List and Zumper.
