Rent Payments Remain High in Colorado at 98%
DENVER (April 5, 2021) – Colorado’s rent collection rate was 98% as of March 27, 2021, only 0.6% lower than rent collections from the previous year, with a 98.6% rate recorded in March 2020, according to data analytics firm RealPage.
“A 98% collection rate in March is a strong indicator of residents’ growing confidence with the economy,” said Mark Williams, executive vice president of the Colorado Apartment Association (CAA). “Considering Colorado’s Property Owner Preservation (POP) program had been closed for the majority of the month, a high number of rental payments shows CAA members are continuing to find ways to keep people housed as Colorado begins to ease COVID restrictions, disseminate vaccines and lift closures. We expect the housing market to continue to recover as Coloradans are able to return to work and resume some semblance of normalcy.”
"A 98% collection rate in March is a strong indicator of residents’ growing confidence with the economy"
In addition to stable rent collections, Colorado’s eviction filings continue to remain low following the expiration of the state’s eviction moratorium. An estimated 1,742 evictions were filed in March 2021, significantly lower than the 3,480 evictions filed in March 2020. Throughout the pandemic, the percentage of eviction filings have consistently ranged between 30% to 50% of normal, pre-COVID rates.
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.