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Aspen Rental Highlights
Aspen Rental Property Statistics
| Average Price | $69.7K |
|---|---|
| Lowest Price | $10K |
| Highest Price | $950K |
| Total Listings | 667 |
| Avg. Price/SQFT | $20 |
Property Types (active listings)
Discover Long-Term And Short-Term Rentals In Aspen
Real estate in Aspen is highly sought-after, and this extends to the rental market, as well, with a wealth of properties available on the market—for a price. While hotels and resorts are still popular accommodation options for Aspen visitors, vacation rentals are considered to be the best way to experience the town.
Rental properties in Aspen are unanimously luxurious, with options ranging from studio apartments close to the downtown to secluded cabins, mansions, and estate homes in the heart of nature. Additionally, rental homes and condos exist at a range of budgets, though famously beginning at the more luxurious price point and only increasing exponentially from there. The most affordable vacation rentals in Aspen start at about $300 per night during the high season, while the most expensive can exceed $30,000 per night.
Types of Aspen Rentals
For those searching for the perfect rental property in Aspen, a few key factors are instrumental in narrowing down your search—property type, season, amenities, and price point being the biggest.
Condo Rentals
The most popular type of Aspen rental is the luxury condo. Most Aspen condos are located in the lodging district on the south and east side of downtown. These condos sell for multiple millions of dollars if listed. Those who wish to rent can expect to pay between $700 and $3,000 per night during the high season, though this price depends on the amenities offered and the interior (and whether the property was recently renovated).
Aspen condo rentals typically have the square footage to accommodate several people, equipped with many beds, and as such, lower the cost for a large group. Studio apartments are also available, which may be ideal for those who intend to spend most of their time on the slopes or in nature.
Luxury Home Rentals
Large homes and estates are what Aspen is known for—though the price point to purchase might be inaccessible. Luxury single-family homes for sale in Aspen often go for over $5,000 per night, with those on the higher end reaching $20,000 per night.
Options include historic Victorian homes in Aspen, modern and contemporary homes, and sprawling mansions and estates in the mountains outside of town.
Budget-Friendly Aspen Rentals
Although Aspen rentals tend to be quite expensive, especially in some of the most desirable neighborhoods, there are some more budget-friendly options. As mentioned above, studio apartments are often the most affordable option at around $300 per night.
As an alternative, there are also more rustic Aspen cabins which have similar rates, however these properties are not located in the downtown core. These rental properties might be suitable for those who intend to travel in the area or simply enjoy the more private, scenic atmosphere.
Browse Aspen By Property Type
Best Seasons to Visit Aspen
Renters should be aware of the different seasons and what Aspen has to offer during each.
Winter (December to March)
Winter is the season that saved Aspen from the infamous quiet years, when Aspen was a poor, dusty mining town. The first lift went in on Aspen Mountain in 1946, and the city never looked back. Aspen’s world-class skiing is the main factor that propelled the real estate market into the stratosphere.
Aspen comes alive in winter, especially after a big dump of powder snow. However, winter is also the most expensive time to rent in Aspen, with prices peaking around the Christmas/New Year’s Holidays. Rental property availability can be difficult. Naturally, ski-in/ski-out condos are in high demand in the winter, so lots of planning in advance is advised. As well, these condos might not be the best that Aspen has to offer, but their proximity to the slopes adds to the value factor in winter.
Summer (Mid-June to Mid-September)
Aspen locals like to say, “Came for the winter, stayed for the summer.” The ski slopes are world-famous, but Aspen really comes into its own in the summer months. At 7,800 feet, temperatures are perfect in July, August, and early September. Expect sunny skies, highs around 75-80℉, and an afternoon thunderstorm right around 3 o’clock to freshen everything up again. Nights are pleasantly cool—great for sleeping!
Aspen summer rentals, though still expensive, are more affordable than during the winter. At this time of year, it’s best to stay outside of the immediate lodging district downtown. Condos downtown can get hot and most Aspen properties do not have air conditioning. Summer is the time to escape the bustle of the Aspen core and head for the hills. Check out options for rustic cabins outside of town.
Leaf Season (Late-September-Early October)
It’s less well-known, but experiencing the autumn foliage in Aspen is unforgettable. Aspen trees have leaves that turn to a blend of fiery oranges and reds around the end of September and early October (time varies from year-to-year). Keep an eye on the webcams if you can plan a trip on short notice.
Touted as one of the best times to visit Aspen, autumn offers cooler weather and the same great outdoor activities. Best of all, there is greater availability for rental condos and rates are slightly cheaper in comparison to the winter and summer.
Aspen Short-Term Rentals (STRs)
The Aspen municipal government heavily regulates the short-term rental market. Aspen’s citizens have voted for these measures as a way to protect the town’s character. As a result, STRs are concentrated in a section of downtown known as the L Zone.
The L Zone mainly consists of ski-accessible condos near Aspen Mountain, on the south end of downtown, in a dense area with dozens of condo developments. Whether you’re renting a condo for an Aspen vacation or looking to invest in an Aspen rental property, you’ll probably find it in this area.
The rest of Aspen features a smattering of STRs, subject to a permitting waitlist (STR-C). Permits are not transferable with properties. When one owner sells or relinquishes their permit, a spot opens up for a new owner. Here’s a map of the STRs in Aspen. Additionally, here’s the waitlist in the various zones.
Without any permits, owners can rent out their property for up to 120 days a year, as long as it is their primary residence (STR-OO).
According to Aspen’s website, the tax rates on STRs are as follows:
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Traditional lodge property is 11.30% (STR-LE)
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Short-term rental owner-occupied or lodge-exempt property is 16.30% (STR-OO).
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Short-term rental investment / 2nd homeowner "classic" permitted property is 21.30% (STR-C)
Aspen Long-Term Rentals
Looking to move to Aspen or operate a long-term rental as an investment property? Like all ski towns, long-term rentals in Aspen are in short supply—although it is possible to find one available on the market with a great agent. The town limits permit availability and heavily taxes short-term rentals to incentivize long-term rentals.
On the most affordable end of the spectrum, prospective long-term renters can find studio apartments in the $2,500-$3,000 per month range. On the upper end of the price range, estate-sized homes rent at hundreds of thousands of dollars per month. In fact, there are scores of properties going for over $50,000 per month.
The average luxury single-family home is in the range of $15,000-$20,000 per month. However, with an average selling price of over $10,000,000, these numbers do make sense.
Investing in an Aspen Rental Property
Aspen is one of the best places in the world to invest in a rental, particularly for its value and desirability. One of the most disaster-immune destinations out there, Aspen’s elevation, snowmaking capacity, and excellent infrastructure make this one of the most snow-sure resorts in the world. The Valley is also resistant to wildfires and has excellent fire management systems in place. Aspen has invested heavily in the infrastructure to provide year-round recreation, and therefore year-round demand for your rental.
Aspen real estate has increased in value year after year, decade after decade. The town has a strong reputation with constrained supply, and properties will likely continue to increase in value as long as new markets for owners open up.
Booking an Aspen Rental
If the Aspen rental market or Aspen real estate is something that piques your interest, don’t hesitate to contact Ryan Schwartz by phone or email. Ryan will be able to answer any and all questions regarding the short-term and long-term rentals, as well as opportunities for investment. Of all Aspen real estate agents, none has a better track record for success.
