February Rent Collections Nearly 1.5% Higher Than National Rate
Colorado’s rent collection rate was 95% as of Feb. 27, with a gap of only 1.8 percentage points from the February 2020 rate of 96.8%, according to data analytics firm RealPage.
Colorado has outperformed national rates since tracking rental payments began in April 2020, with Colorado exceeding national rent collections 11 months in a row. According to the National Multifamily Housing Council’s (NMHC) Rent Payment Tracker, 93.5% of apartment households in the United States paid rent in the month of February.
“Rental payment rates continue to remain strong this year,” said Mark Williams, executive vice president of the Colorado Apartment Association (CAA). “We continue to see positive results from the help of financial assistance programs including EHAP and POP and are hopeful that we’ll see economic growth that will maintain and positively impact our rental housing market.”
In addition to stable rent collections, Colorado’s eviction filings continue to remain low following the expiration of the state’s eviction moratorium. A total of 808 evictions were filed in February 2021, significantly lower than the 3,918 evictions filed in February 2020.
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. One such example, 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 linkunder the “Renter Resources” tab.
Additionally, the new programs launched by the Colorado Department of Local Affairs in July allow residents and housing providers to apply for funds through the Emergency Housing Assistance (EHAP) Property Owner Preservation (POP) Programs. Please find more information at https://cdola.colorado.gov/rental-assistance.