January Rent Collections Remain High, 4.9% Above National Average
Colorado’s rent collection rate was 93.5% as of Jan. 20, with a gap of only 2.3 percentage points from the January 2020 rate of 95.8%, according to data analytics firm RealPage.
Colorado rent payments have outperformed national rent payments in every month since tracking the numbers began in April. According to the National Multifamily Housing Council’s (NMHC) Rent Payment Tracker, 88.6% of apartment households in the United States paid rent by Jan. 20, 2021. The national rent collection rate for Dec. 20, 2020 was 89.3%.
“We’re starting the year off strong with rental payment rates,” said Mark Williams, executive vice president of the Colorado Apartment Association (CAA). “Financial assistance, through programs such as EHAP or POP – is filling the gap for renters suffering from COVID related financial hardship. High rental collection rates indicate the system is working and the rental housing market is maintaining health through the economic impacts of COVID-19.”
In addition to stable rent collections, Colorado’s eviction filings are low following the expiration of the state’s eviction moratorium. Only 386 evictions were filed in January 2021, significantly lower than the normal amount of 3,600 evictions filed in the same month last year.
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 link under 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.