It's common to see couples nearing retirement wondering what to do with their condo in Denver. Selling feels like a waste, and leaving it empty just incurs maintenance costs. In such cases, many consider renting it out. While having a steady income each month is certainly advantageous, it can be overwhelming to figure out where to start, especially if it's your first time.

According to Zumper, as of August 15, 2026, the average rent in Denver is $1,909. A one-bedroom apartment averages $1,510, while a two-bedroom goes for around $2,115. What this means is simple: if you price your home within this range, you are unlikely to stray too far from the market. Setting the price too high can lead to longer vacancy periods, which can be detrimental, while pricing it too low means you'll miss out on valuable income each month.

Once you've set the rent, the next step is to post an advertisement. Websites like Zillow and Apartments.com are the most commonly used. Clearly listing details such as photos, square footage, parking availability, and move-in dates will help filter inquiries and make the process easier. While posting the ad itself isn't difficult, the next step—choosing a tenant—is much more important.

When selecting a tenant, it's standard to check their credit score, proof of income, and past rental history. Many landlords look for income that is about three times the rent. Using a credit check service can provide results in just a few minutes, and skipping this process could lead to situations where you don't receive rent later on. While the verification process may feel cumbersome, it serves as a safeguard against potential issues down the line.

Once a tenant is chosen, it's wise to document the condition of the home before handing over the keys. Taking photos or videos of the walls, floors, and appliances, and having the tenant sign a checklist that you both review can reduce disputes later about what damages were pre-existing. This documentation is also useful when settling the security deposit.

The lease agreement must include the rent amount, payment due date, security deposit, lease term, and maintenance responsibilities. Establishing how quickly repairs will be addressed and how much notice is required before visiting the property can make the landlord-tenant relationship much smoother. Many landlords require tenants to obtain Renters Insurance, which helps clarify responsibilities in cases of fire or theft. Verbal agreements do not hold up as evidence in disputes. Under Colorado law, the security deposit can be one month's rent for an unfurnished home and up to 1.5 times that for a furnished one. The return of the deposit should occur within 30 days after the tenant moves out, but this can be extended to a maximum of 60 days if specified in the lease agreement.

There are also changes coming in 2026. Landlords can no longer deduct from the security deposit for normal wear and tear or pre-existing damages. If a tenant requests documentation for deductions, landlords must provide it within 14 days. While this may feel burdensome for landlords, taking photos of the property's condition before the tenant moves in can actually help reduce disputes.

If a tenant falls behind on rent, you cannot simply evict them without following the proper procedures. You must start with a 10-day notice to pay rent or vacate. If you have a month-to-month tenant without a lease, you must give 21 days' notice before eviction. Skipping these steps can put landlords at a disadvantage.

If you decide to rent out your home, you should also review your insurance policies. Homeowner's insurance for owner-occupied properties and Landlord Insurance for rental properties have different coverage, so you need to inform your insurance company that you are converting to a rental to ensure you are covered in case of an incident.

If you are renting out for the first time in Denver, you can follow these steps one by one. However, tax implications, insurance, and specific lease terms can vary based on individual circumstances, so it may be wise to consult a real estate professional or attorney before finalizing any agreements.