Whether you’re moving here from out of state, relocating from one Colorado region to another, searching for affordable living options, or considering buying an investment property, you may want to know which markets offer cheaper rent. If you’re looking for the cheapest cities to rent in Colorado, look no further than our list!
Living in Colorado comes with so many benefits, from great year-round weather to beautiful places to enjoy on your time off. Healthy living is very doable, the diversity here is fantastic, the economy is strong, and the state is ranked #5 in higher education (According to US News). No wonder people love living in Colorado!
While Colorado may not have too many of the cheapest cities to rent in the U.S. it does have areas where houses rent for less compared to the rest of the state.
Colorado Rental Statistics
Before we dive into the cheapest cities to rent in Colorado, let’s look at a few general rental facts and statistics:
- The average rent for in Colorado is about $982 or more per month, compared to $1,100 nationwide
- Across the U.S., rental rates have increased by 31% in the past ten years
- Approximately 109 million Americans reside in rental housing
- The state with the highest number of rental units is California
- About 34.15% of households in Colorado rent their homes
What does all this mean for you? If you are a tenant looking for affordable rentals, you’ll want to know where to find cheaper rent in Colorado.
Cheapest Cities to Rent in Colorado
Here are the Top 5 cheapest cities to rent a house in Colorado, let’s dive in!
- Population: 41,554
- Median home listing price: $529,900
- Average number of days on the market: 12 days
- Typical home value: $310,501
- Median household income: $75,355
- Average rent price: $1,301
Home prices are very reasonable in Brighton compared to the rest of the state, which makes investing in rental property here a sound choice. As a result, renters can enjoy lower rates, while investors can make a solid rental income.
- Population: 38,819
- Median home listing price: $490K
- Average number of days on the market: 49 days
- Typical home value: $297,801
- Median household income: $66,300
- Average rent price: $1,369
Many are drawn to the region for its affordability and end up staying long-term. Because of its reasonably priced homes and wide range of rent prices, the market moves quickly. Homes tend to stay on the market for an average of 49 days. However, affordable rent can be had here for singles, couples, and families who are drawn to the area for economic sustainability.
- Population: 108,649
- Median home listing price: $383,725
- Average number of days on the market: 34 days
- Typical home value: $247,459
- Median household income: $57,586
- Average rent price: $1,007
Rent is affordable here, which as a result, draws many to the area. Both the real estate and rental markets thrive in Greeley. Homes in this area typically appreciate well in value. Purchasing a home here and renting it out provides a reasonably good return on investment. Greeley stands currently as the cheapest city to rent in Colorado!
4. Colorado Springs
- Population: 478,221
- Median home listing price: $461,494
- Average number of days on the market: 18 days
- Typical home value: $269,337
- Median household income: $64,712
- Average rent price: $1,131
Rent here is affordable, and many people choose to live here instead of in nearby Stratmoor or Manitou Springs because of Colorado Springs reasonable rent price ranges.
Houses here sell at reduced pace, being on the market an average of 18 days, the real estate market is healthy, and good deals can be found by those who look to move here.
- Population: 97,261
- Median home listing price: $550,000
- Average number of days on the market: 30 days
- Typical home value: $362,252
- Median household income: $74,242
- Average rent price: $1,340
While the real estate market here is hot, home prices are relatively affordable. Longmont’s median household income is higher than some of the other cities listed above, so people have a little more income to spend. Rents are also higher here, but the lower range of rent prices is what makes it one of the cheapest cities to rent in Colorado.
Longmont offers plenty to do, with a wide range of cultural and recreational offerings.
Cheapest Cities to Rent in Colorado (Final Thoughts)
Which cheapest city to rent in Colorado is calling you? All of these cities have thriving communities, healthy real estate markets, and strong economies.
All of them attract new residents thanks to affordable rent, strong employment opportunities, good public schools, and proximity to outstanding attractions known around the world. Many of these people will be looking for communities that have affordable rent prices and a thriving economy.
Cities like Brighton, Northglenn, Greeley, Colorado Springs, and Longmont provide some of the best that Colorado has to offer without the high price tags!
Ready to Rent in One of the Cheapest Cities in Colorado?
If you’d like to explore these communities further and see if investing in property in one of these cities is right for you, we invite you to reach out to FastExpert.com. As a company that connects people buying or selling a home with top real estate agents, we can match you with the perfect real estate agent who understands your motivation for investing in Colorado.
We make it easy for you to hire the right real estate agent, and we provide convenient options to easily compare top agents to simplify your selection. Give us a try and discover why over 400,000 happy clients choose FastExpert!