There are a number of factors that you should base your choice of Colorado rental property on. These include the type of housing best suited for your family, the location of the property, the availability of schools and facilities in the area, transportation options, and much more. However, the most important thing to consider before signing a contract is the amount of rent you will have to pay. For this reason, it pays to learn more about Colorado home rental prices early.
First of all, it should be noted that the rental price of a property is based on a number of factors. In fact, all the aspects mentioned above are reflected in the cost. In general, you can expect to pay more for a large, fully furnished home in a prestigious neighborhood with good schools, and good recreational, business, and medical facilities. Despite these standard factors, prices are also determined by fluctuations in the Colorado home rental market. Currently, rental prices are marking a slight increase due to increased demand, but supply is also increasing, so this increase is expected to remain limited and have a decreasing pace.
With these considerations in mind, you can easily look at actual prices realistically. Apartments and one-bedroom houses are the most affordable options for renters. The average rental cost you can expect to incur is $755 and $782 respectively. It is possible to find much cheaper apartments, especially in small towns, but it will not be easy to find less expensive one-bedroom single-family homes.
Two-bedroom apartments cost around $903. Single-family homes for rent in Colorado cost $1,102 on average. By comparison, duplexes with the same number of bedrooms cost $1,138. This is not a huge difference, but it seems that houses with yards that are not shared are more affordable and this is certainly great news for renters. The situation with three-bedroom units is similar. Apartments are the cheapest with a median cost of $1,258, while single-family homes go for $1,445 and duplexes sell for $2,100. Apartments and four-bedroom houses are also competitively priced, with monthly rent averaging $1,471 and $2,118, respectively. Family homes with five or more bedrooms rent for at least $3,000.
It should come as no surprise that apartments are not much cheaper than houses and duplexes. This is because most of the properties of this type available in Colorado are located in residential communities with security and a variety of additional facilities. Also, most of the apartments are in recent developments. This automatically makes them a preferred choice for renters.
In general, you can find houses for rent in Colorado at affordable and luxury prices. Please note that the numbers presented here are only average and minimum prices. It is always possible to find a great apartment or house at a bargain price. Plus, you can easily rely on an experienced real estate agent who specializes in rentals to negotiate the price for you. In this way, you can save a substantial part of your costs.
