Location: Denver-Aurora-Centennial, CO | Metro: Denver-Aurora-Centennial, CO MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,920 |
| 1 Bedroom | $2,010 |
| 2 Bedrooms | $2,380 |
| 3 Bedrooms | $3,120 |
| 4 Bedrooms | $3,490 |
| 5 Bedrooms | $4,048 |
| 6 Bedrooms | $4,534 |
| 7 Bedrooms | $4,897 |
| 8 Bedrooms | $5,142 |
U.S. Census Bureau data (2024)
The rental market in ZIP code 80045 is dynamic, characterized by a strong inclination towards renters, as evidenced by the 99.2% renter share. This high percentage suggests that the area predominantly caters to individuals and families who prefer renting over owning, which could be due to various factors including affordability, job mobility, or lifestyle choices. The Fair Market Rent (FMR) set at $2540 for the fiscal year 2024 indicates the government's benchmark for rental costs in the area, likely reflecting the average cost of decent housing for low to moderate-income households.
In contrast, the Zillow Observed Rental Index (ZORI) stands at $1,752, showing the actual average rent observed in the market. The gap between the FMR and ZORI suggests that while the government's estimate is higher, the market is currently pricing rentals lower. This could imply either a conservative approach in setting FMRs or a competitive market environment where rents are being driven down by supply or other economic forces.
The absence of data on price-cut share and days on market (DOM) means we cannot directly assess whether there is an oversupply or undersupply of rental units. However, the high renter share points to sustained long-term housing pressure, indicating a robust demand for rental properties. Landlords and small-portfolio investors should recognize the potential for steady occupancy rates but also be aware of the need to maintain competitive pricing to attract tenants.
Given the snapshot of available data, it's clear that the market in ZIP 80045 is heavily oriented towards rental properties, with a strong emphasis on affordability. Investors should focus on understanding the local economy and tenant demographics to make informed decisions about their investments.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.