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Castle Rock Rent on the Rise Study Shows

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Castle Rock Rent

If you’re looking for a great place to rent an apartment, condo, or home, your first requirement will be one that fits your budget. The Denver Metro has seen skyrocketing rent prices over the past several years – but how does Castle Rock fit into the mix?

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According to rental and realty resource Zumper Castle Rock stands roughly in the middle of the pack in both year-to-year rising rent costs and the median cost of a standard one-bedroom rental when ranked against 11 other Denver-metro neighborhoods. According to the latest study Castle Rock ranks 6th in cost for a one-bedroom apartment and is tied with Northglenn and Aurora with a 10% growth in rental rates over the past year. Currently a one-bedroom Castle Rock rental costs an average of $1390/month with two-bedroom units costing $1630. Castle Rock’s $1390/month rate is higher than the average $1258 for the State of Colorado.

According to rental and realty resource Zumper Castle Rock stands roughly in the middle of the pack in both year-to-year rising rent costs and the median cost of a standard one-bedroom rental when ranked against 11 other Denver-metro neighborhoods. According to the latest study Castle Rock ranks 6th in cost for a one-bedroom apartment and is tied with Northglenn and Aurora with a 10% growth in rental rates over the past year. Currently a one-bedroom Castle Rock rental costs an average of $1390/month with two-bedroom units costing $1630. Castle Rock’s $1390/month rate is higher than the average $1258 for the State of Colorado.

Castle Rock rent increases have coincided with the town’s booming population which has stretched rental inventory to the limit. According to Census.gov Castle Rock’s population increased 29% from April 2010 to July 2017 with many more arriving since the 2017 numbers. If people continue to move to Castle Rock, rates will continue to climb.

According to Zumper the City of Denver and the City of Centennial are the most expensive rental markets averaging $1510/month for a one-bedroom unit while Aurora holds the top spot for affordability with rates averaging at $1190 permit month. Northglenn and Arvada are also ranked below Colorado’s state rental average.

Growth in rental rates don’t always coincide with the overall cost of rent according to the survey. Though Centennial is among the most expensive neighborhoods to rent it saw a 3% decrease in overall costs from the same time last year. Arvada had the highest rent increase at 16% with Thornton also posting a sizeable 12% increase. Castle Rock’s 10% rate growth mirrors many other Denver-metro neighborhoods including Northglenn and Aurora.

For more information on the report or to review Denver-metro rental and reality numbers Denver residents can read Zumper’s full report.

Do you think Castle Rock’s rental rates are through the roof or are rising rates the cost of living and doing business in a booming town and metro-plex? Let us know what you think about rental rates and more below.