RENT PAYMENTS REMAIN HIGH IN COLORADO AT 97.9%
Colorado’s rent collection rate 0.9 percentage points higher than the national rate
DENVER (June 10, 2021) – Colorado’s rent collection rate was 97.9% as of May 27, 2021, which is 1.1% higher than rent collections from the previous year, with a 96.8% rate recorded in May 2020.
Colorado has outperformed national rates since tracking rental payments began in April 2020. According to the National Multifamily Housing Council’s (NMHC) Rent Payment Tracker, 96.8% of apartment households in the United States paid rent in the month of May, 0.9 percentage points below Colorado’s rent collection rate.
“A 97.9% collection rate in May continues to show us that Colorado residents in need have pursued rental assistance, worked with their rental housing providers and paid their rent, therefore, the system is working,” said Mark Williams, executive vice president of the Colorado Apartment Association (CAA). “With the May 2021 rent collection rate higher than May 2020, it looks like Colorado’s rental housing industry and economy are moving towards recovery.”
In addition to an uptick in rent payment rates, Colorado eviction filings continue to be low – just 25% of where we were at in 2019, as shown in the graph below. In May 2019, there were 3,918 evictions filed, and in May 2021 there were only 808 filings throughout the entire State.
“A 97.9% collection rate in May continues to show us that Colorado residents in need have pursued rental assistance, worked with their rental housing providers and paid their rent, therefore, the system is working,” said Mark Williams, executive vice president of the Colorado Apartment Association (CAA). “With the May 2021 rent collection rate higher than May 2020, it looks like Colorado’s rental housing industry and economy are moving towards recovery.”
“The lower-than-normal evictions in Colorado show that eviction moratoriums are too aggressive a measure, and programs that maintain the rental ecosystem, such as the Department of Labor’s ERAP program should be utilized to the full extent,” said Drew Hamrick, general counsel and senior VP of government affairs, Colorado Apartment Association.
CAA and its members continue to support Colorado residents who are struggling with rent payments by offering payment plans and other solutions to keep residents in their homes. The state received $247 million for rental and utility assistance in which rental housing providers and residents can both apply for past due, current and future rent costs, according to the Colorado Department of Local Affairs. For more information, visit their website.
Additionally, CAA partnered with the Resident Relief Foundation (RRF), which awards grants to residents who struggle to pay their rent. The Colorado fund is still accepting donations through this link, or by shopping on Amazon Smile. Residents hoping to apply for grants through the Colorado fund can apply online here.
RRF is a 501(c)(3) organization providing rental assistance grants to responsible residents during emergencies. So far, the Colorado fund has raised more than $160,000 for Colorado residents and funding remains available for qualifying applicants.
CAA also has assembled a list of more than 100 COVID-19 resources for residents, which can be found at this link under the “Renter Resources” tab.
About the Colorado Apartment Association
The Colorado Apartment Association is a non-profit trade association representing owners, developers, management companies, and Supplier Partners of the multifamily rental housing industry. CAA is comprised of four local affiliates from across the state. The association represents over 3,000 members who own and manage over 300,000 apartment homes, which totals more than $88 billion in assets. Together with the local affiliates, the National Multifamily Housing Council, and the National Apartment Association, CAA offers a strong network of information, education, and representation of the multifamily housing industry.