Low Income Apartments and Affordable Housing For Rent in Castle Rock, CO

Discover affordable housing in Castle Rock where there are 7+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Castle Creek Commons East

220 S Gilbert St, Castle Rock, Colorado 80104

Oakwood Senior Apartments

549 Oakwood Dr, Castle Rock, Colorado 80104

Reserve at Castle Highlands

1040 Highland Vista Ave, Castle Rock, Colorado 80109

The Pines at Castle Rock I

2220 Castlegate Dr N, Castle Rock, Colorado 80108

Reyn Rock Apartments

403 Perry St, Castle Rock, Colorado 80104

Castle Rock II

446 S Gilbert Street, Castle Rock, Colorado

Castle Rock I

446 S Gilbert St, Castle Rock, Colorado

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Castle Rock, Colorado
$41.69/hour
$27.27 (+189%) more than Colorado minimum wage and $34.44 (+475%) more than the Federal minimum wage.
Learn More About Castle Rock, Colorado Affordable Housing ↓

How many renters live in Castle Rock, Colorado?

The City of Castle Rock has 80,192 people living in 29,068 households.

There are 13,782 renters living in 6,394 renter households in this City. Renters make up 17.19 percent of the population living in Castle Rock.

What is the rental market like in Castle Rock, Colorado?

There are an estimated 26,829 housing units in the Castle Rock area. Of these, 5,890 units are rental homes, making up 22 percent of the housing market. For every renter household in Castle Rock, Colorado, there are 1 rental units.

What is the vacancy rate for rentals in Castle Rock?

The rental vacancy rate in Castle Rock is 5 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.

How many rental units are in Castle Rock for each bedroom size?

Occupied Rental Units by Size in Castle Rock
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
119 1,431 2,092 1,218 456
Occupied Rental Units by Size in Castle Rock

A large number of apartments in Castle Rock have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.

How many renter households in Castle Rock are overburdened by housing costs?

Among renter households in this market, 67 percent have housing cost burden. Further, 28 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.

The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.

How Much Is Rent in Castle Rock

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,658 to $3,225. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $1,658
One BR $1,835
Two BR $2,201
Three BR $2,874
Four BR $3,225
2024 Fair Market Rents in Castle Rock, Colorado

How many units are rented at Fair Market Rent (FMR) in Castle Rock?

Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.

These are the approximate number of units renting below the FMR in this market:

Unit Size Count of Units Below FMR Percentage of Total Units Below FMR
Studio 59 50 percent
One BR 604 42 percent
Two BR 635 30 percent
Rental Units Below FMR in Castle Rock, Colorado

How many affordable rental units are in Castle Rock?

There are a variety of federal affordable housing programs serving households in Castle Rock, Colorado including the following:

Federal Program Unit Count
Low Income Housing Tax Credit 702
Section 8 Project-Based Rental Assistance 53
USDA Section 515 Rural Rental Housing 80
Tracked Units by Federal Program in Castle Rock, Colorado

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Castle Rock, Colorado

Castle Rock features 163 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.

Low Rent Apartments in Castle Rock, Colorado

There are 557 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Castle Rock.

Housing Choice Vouchers in Castle Rock, Colorado

On average, Section 8 Housing Choice vouchers pay Castle Rock landlords $800 per month towards rent. The average voucher holder contributes $400 towards rent in Castle Rock.

The maximum amount a voucher would pay on behalf of a low-income tenant in Castle Rock, Colorado for a two-bedroom apartment is between $1,981 and $2,421.

Sourced from federal housing data and AffordableHousingOnline.com research.