Location: Denver-Aurora-Centennial, CO | Metro: Denver-Aurora-Centennial, CO MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,610 |
| 1 Bedroom | $1,680 |
| 2 Bedrooms | $1,990 |
| 3 Bedrooms | $2,610 |
| 4 Bedrooms | $2,920 |
| 5 Bedrooms | $3,387 |
| 6 Bedrooms | $3,793 |
| 7 Bedrooms | $4,096 |
| 8 Bedrooms | $4,301 |
U.S. Census Bureau data (2024)
The ZIP code 80121, located in Centennial, CO, presents a dynamic rental market with distinct characteristics that indicate a balanced yet competitive environment. The Fair Market Rent (FMR) for the area stands at $2,130 for fiscal year 2024, while the Zillow Observed Rent Index (ZORI) currently sits at $2,048. This suggests that the market rent is slightly below the government's benchmark, which could point to a slight surplus of available rental units.
A further indication of this balance is the 0.3% price-cut share, which is relatively low, implying that landlords are not heavily discounting their rents to attract tenants. Additionally, the Days on Market (DOM) of 28 days indicates that properties are typically occupied quickly, suggesting a steady demand for rentals in the area.
The median home value of $698,147 reflects the overall cost of homeownership, which can influence the rental market by making it less affordable for some residents to buy, thus increasing the reliance on renting. This high median home value, combined with a 12.9% renter share, points to a significant number of renters in the area who are likely under long-term housing pressure due to the high cost of purchasing a home.
The dynamics of the Centennial rental market reveal a scenario where demand is robust but not overwhelming, given the relatively low price-cut share and quick turnover times. However, the presence of a high median home value alongside a notable renter share suggests an ongoing tension between those seeking to own and those who must rent due to financial constraints. Landlords and small-portfolio investors should be aware of these factors when considering investment strategies in the area.
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.