Reopening Economy Offers Hope as Employees and Employers Begin to Recover From Pandemic Crisis
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 can return to work and resume some semblance of normalcy.”
In addition to stable rent collections, Colorado’s eviction filings continue to remain low following the state’s eviction moratorium’s expiration. An estimated 1,742 evictions were filed in March 2021, significantly lower than the 3,480 evictions filed in March 2020. The percentage of eviction filings has consistently ranged between 30% to 50% of normal, pre-COVID rates throughout the pandemic.
CAA and its members support Colorado residents struggling with rent payments by offering payment plans and other solutions to keep residents in their homes. According to the Colorado Department of Local Affairs, 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.
Additionally, CAA partnered with the Resident Relief Foundation (RRF), which awards grants to residents who struggle to pay their rent. The Colorado fund is accepting donations through their website or by shopping on Amazon Smile. Residents hoping to apply for grants through the Colorado fund can apply online at https://cdola.colorado.gov/rental-mortgage-assistance.
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.
For more information, visit the CAA website at https://cdola.colorado.gov/rental-mortgage-assistance.