One year after the coronavirus shook the housing and rental markets, the Denver Metro area rental market is back at 2019 levels. April is one of the leasing market’s strongest months during the year. Here are some key takeaways from April 2021:
- Single Family Homes and Townhomes are performing the best, commanding the highest median rental rates, and experiencing low days on market compared to 2020.
- Condos and Apartments are taking longer to lease due to increased inventory and competition in the Apartments community.
- Rental rates are going up compared to 2020 and the rental market is looking strong.
Detached Single-Family Homes and Townhomes command the highest median rental rates. Over the last year, there has been a substantial increase in price per square foot, price per bedroom, and median leased price.
Median leased price ($2,395), price per bedroom ($883), and price per square foot ($1.57) increased about 10% compared to last year, putting them back to 2019 levels after dipping in 2020. There has been a slight increase in Median Leased Price for Single Family Homes, while Condos, Apartments, Multifamily and Townhomes are really out performing compared to 2020.
Rental Market Demand and Supply
The number of leased listing has been steadily rising over the last three years. There’s been a large increase in Condo and Apartment units, while Single Family inventory has not increased much. When the sales market is hot, landlords may decide to sell rather than rent to take advantage of a strong seller’s market.
Rental listings spent a median of 19 days in the MLS. Detached, townhomes, and multi-family homes moved the quickest, while condos and apartments spend a little more time on the market.