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How’s the Denver Luxury Rental Market?
What’s Really Happening in Denver’s Luxury Leasing Scene
Denver’s luxury rental market has taken a breath. It’s still healthy, but the pace has shifted from a sprint to a chess match. Every move matters.
The takeaway: Only landlords who list with intention, price with precision, and stay grounded in reality will win. Those who don’t will sit vacant — and the data proves it.
The Big Picture: Too Many Homes, Not Enough Tenants
Denver’s active rental inventory jumped +71% year-over-year — the highest since 2011–2012.
Active listings surged from ~6,900 to ~12,000
Luxury ($8K+) listings rose from 11 to 18.
Roughly 35 luxury homes leased over the past 12 months — nearly identical to last year.
Translation: More homes. Same number of tenants. It’s musical chairs — twice as many seats, same number of players. Result: more withdrawn and expired listings.
Market Snapshot — August 2025 vs. August 2024
Data provided by ReColorado. Figures exclude apartments and non-privately owned properties.
Prices Are Correcting
This year’s luxury “sweet spot” has shifted downward—not because values have dropped, but because tenants suddenly have options again and they’re negotiating like they’ve taken a masterclass.
Homes that leased for $10–11K+ last year are now trading in the $8–9.5K range.
It’s a supply/demand mood swing, not a property-value issue.
Recent market snapshots:
3rd & Gaylord ? Leased for $11K in 2024 ? pulled from market this year after all offers landed around $8K, even with landlord-funded perks (new carpet + EV charger).
5th & High St ? Historically $10–11.5K/mo ? now receiving offers in the $8–8.5K range, despite premium condition, and days on market grew from 15-20 avg to lease to being on the market for almost 6 months active.
S. Columbine (Observatory Park) ? Stunning property ? 1 showing in 90 days, never leased.
S. Josephine (University Hills) ? Brand-new build ? immediately leased at $9,500/mo, suggesting the market is rewarding new, turnkey, and perfectly priced homes.
Cherry Hills (Willamette) ? In the highest-demand submarket… yet the home sat for 3 months, received one withdrawn application, a few showings, and ultimately never leased.
Tenants Are Driving the Bus
Vacancy now sits around 7%, the highest in 15 years. With leverage in hand, renters feel confident asking for improvements like:
New carpet or paint
EV charger installation
Landscaping/lawncare or other utilities/services included in rent
Shorter lease term requests and Lease Break Fee waive requests
Free/Discounted 1st month’s rent
Homes that say yes to reasonable requests are the ones getting leased.
Strategic Recommendations for Winning Offers
Go to Market Like You Mean It
Tenants are shopping everywhere and have searches set up on all search platforms to be notified of new listings that meet their search criteria — make sure your home is well exposed on all platforms, Zillow, MLS, Homes.com, Realtor.com, Apartments.com, Nestfully.com, ReColorado & MLS, and broad reach into broker networks.
You can’t just list a home anymore — you have to launch it with confidence and lead with presentation.
Every showing counts: the home should be spotless, well-lit, and inviting, with touch up paint performed and professionally cleaned.
Price with Data, Not Emotion
Let current market data — not last year’s numbers or optimism — guide decisions.
Reassess pricing every 7 days to stay aligned with shifting conditions.
Avoid constant price changes; too many adjustments signal desperation and attract low