Updated 2026 · Based on median market data for Dover, DE
The median monthly rent in Dover, DE is $1,280, translating to $15,360 in annual gross rental income per unit. The rent-to-price ratio is 0.52% — well below the 1% rule, making pure cash flow investing challenging at median prices.
Renters in Dover spend approximately 32% of the local median household income ($48,600) on rent. This exceeds the standard 30% affordability threshold, suggesting rent growth may face resistance — but it also means a large portion of the population finds buying even more out of reach, supporting rental demand.
The vacancy rate in Dover is 5.8%. This is a healthy vacancy rate that indicates balanced supply and demand. You should be able to find quality tenants without extended vacancies, though expect normal turnover periods of 2-4 weeks between tenants. Population growth of 0.5% annually provides stable demand.
Dover's GRM (price divided by annual rent) is 16.0x. A GRM between 12-16x is moderate and typical of balanced markets. Deals can work but you need to keep expenses controlled. For comparison, the national average GRM for investment-grade rentals is approximately 13-15x.
At the median rent of $1,280/mo, a single-family rental in Dover generates approximately $15,360 in gross annual income. After accounting for 5.8% vacancy ($891 lost), property taxes of $1,348, insurance (~$980), and maintenance (~$980), the estimated NOI is $11,162 per year, or $930/mo.