September rent collections remain strong and an “eviction crisis is not on the horizon,” according to the Colorado Apartment Association.
As of Sept. 20, Colorado’s rent collection percentage was 95.1 percent — up slightly from 94.7 percent at Aug. 20, and down from 96.8 percent a year ago, according to a Sept. 25 news release from CAA.
Colorado rent payments have outperformed national rent payments in every month since April, according to the release.
The National Multifamily Housing Council’s Rent Payment Tracker found 90.1 percent of apartment households nationwide made full or partial rent payment by Sept. 20, 2020, down from 91.8 percent as of Sept. 20, 2019.
And Colorado’s eviction filing rate is low, according to CAA.
“In August, the 1,598 eviction filings across the entire state were only 49 percent of the normal filings for the month (3,244 during August 2019), and through Sept. 20, the 1,617 eviction filings are at 63 percent of the normal (2,547 filings during September 2019),” CAA’s release states.
“Low eviction filings and strong rent collections tells us Coloradans are continuing to make rent payments a priority in a trying time,” Mark Williams, executive vice president of CAA, said in the release.
“Our members, who represent 75 percent of the rental properties in the state, are helping residents and housing providers take advantage of payment options and use resources such as the state’s [Emergency Housing Assistance Program] and [Property Owner Preservation] programs for relief following COVID-19 impacts.
“It’s inspiring to see strong, collective efforts to keep Colorado’s residents in their homes and housing ecosystem working as it should.”
Since the start of the pandemic, CAA and its members have offered payment plans and other solutions to keep residents in their homes.
CAA also provides resources through its partnership with Resident Relief Foundation, which created a financial relief fund to directly help Colorado residents struggling to pay rent because of coronavirus-related job or income loss or illness. RRF is a 501(c)(3) nonprofit that provides rental assistance grants to responsible residents during temporary financial emergencies. So far, CAA says, the fund has raised nearly $150,000 for Colorado residents and funding remains available for qualifying applicants.
CAA has built a list of more than 100 COVID-19 resources for residents, at aamdhq.org/news/coronavirus under the Renter Resources tab.
In addition, new programs launched by the Colorado Department of Local Affairs in July allow residents and housing providers to apply for funds through the EHAP and POP Programs. Learn more at cdola.colorado.gov/rental-assistance.
The Colorado Apartment Association is a nonprofit trade association representing owners, developers and management companies.