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Located just west of Denver, Wheat Ridge is near “the action” of Denver, but has a smaller community vibe. Within the city of Wheat Ridge there are 24 parks, 274 acres of open space, 4 lakes and more than 7 miles of nationally recognized trail along Clear Creek.
While primarily a residential city, Wheat Ridge has several retail centers, locally owned restaurants and a unique string of antique shops, consignment stores and a co-op antique mall.
Wheat Ridge has restrictions on the number of short-term rentals by city council district. The limit is calculated on an annual basis and is 2% of the total units within single-and two-family dwellings in each district.
The restriction does not apply to owner-occupied STRs or non-residential zoned districts including mixed use and commercial zone directs.
To see which districts have whole-home licenses available or to get on the waitlist for a license check out the City of Wheat Ridge’s Short Term Rental page here.
A perfect middle ground between the income potential of a short-term rental and the stability of a long-term rental. Mid-term rentals are furnished units that are rented to guests for 30+ days. People who seek out mid-term rentals are traveling nurses and professionals on temporary assignment or people displaced from their homes for a duration of time. It’s become a popular investment strategy because in many areas, like Wheat Ridge there is no rental license required. Use services like AirDNA to calculate what your potential rents could be.
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Year over year increase in MTR nights sold
No license required for rentals
The “rent by the room” investment strategy involves renting out individual rooms within a single property, such as a house or apartment, rather than leasing the entire unit to a single tenant. This approach has gained traction as it allows investors to maximize rental income by catering to multiple tenants simultaneously. Each tenant pays for their designated room and shares common areas like kitchens and living rooms. This is a popular strategy among house hackers who choose to rent out the rooms in the house they are living in.
Note: As of July 1, 2024 Governor Polis prohibited residential occupancy limits in Colorado through HB24-1007. This act eliminated previously held occupancy limits by counties and cities.
Average Basement Room Rent
Average Room Rent
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Long-term rentals are a smart strategy for a more hands-off approach and a buy and hold mindset. In an appreciating market, like Wheat Ridge, if the property’s rent can cover the mortgage, plus an additional 10% for vacancies and repairs, then you’re property is increasing in value the longer you hold it. Check out the latest rent estimates on Rent-O-Meter or Zillow to see what your property might get for rents.
23 schools
A Avg. Rating
Learn more about the schools at Great Schools.org
Review the current crime rates for Wheat Ridge here: Community Crime Map
Downtown Denver – 15 mins
DIA – 35 mins
Summit County – 88 mins
Want more information on real estate investment opportunities in Wheat Ridge?
The FI Team is a group of real estate agents and consultants in Denver, CO. We specialize in helping real-estate investors work toward financial independence.