October Rent Collections Remain Steady in Mid-90s for the Seventh Month
DENVER (Oct. 26, 2020) – Colorado’s rent collection percentage as of Oct. 20 was 94.3%, according to data analytics firm RealPage and a member survey by the Colorado Apartment Association. This rent collection percentage remains stable when compared to previous months; the Sept. 20 rent collection percent was 95.1%. As of Oct. 20, 2019, the rent collection percentage was 96.6%, Colorado’s rent collection percentage for this year is only 2.3 percentage points below last year.
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, 90.6% of apartment households in the United States paid rent by Oct. 20, 2020. This is steady when looking at the Sept. 20 rent collection percent, which was 90.1%.
Similarly, Colorado’s eviction filing rate as of Oct. 22 remains low. There were 957 eviction filings throughout the state, which is 36% of the normal filings for the month (2,655 during October 2019). As of Sept. 20, 2020, there were 1,617 eviction filings, which was 63% of the normal amount filed (2,547 fillings in September 2019).
“Current eviction filings prior to Gov. Polis’ Eviction Moratorium Order announced on Oct. 21, 2020 remain far lower than eviction filings in a normal year,” said Mark Williams, executive vice president of the Colorado Apartment Association. “With stable rent collection rates for seven months in a row, Colorado rental housing providers continue to work with residents to ensure residents have solutions when it comes to rent payments, such as payment plans, no late fees, and more. As proven by the continued high rent payments, and low eviction filings, residents and housing providers are working together to keep residents in their homes during this pandemic.”
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.
RRF is a 501(c)(3) organization providing rental assistance grants to responsible residents during emergencies. CAA encourages anyone with the financial means to contribute to RRF’s Colorado fund to directly support fellow Colorado residents with upcoming rent obligations. So far, the fund has raised more than $150,000 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 here https://www.aamdhq.org/news/coronavirus 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.
About the Colorado Apartment Association
The Colorado Apartment Association is a non-profit trade association representing owners, developers, management companies, and Supplier Partners of the multifamily rental housing industry. CAA is comprised of four local affiliates from across the state. The association represents over 3,000 members who own and manage over 300,000 apartment homes, which totals more than $88 billion in assets. Together with the local affiliates, the National Multifamily Housing Council, and the National Apartment Association, CAA offers a strong network of information, education and representation of the multifamily housing industry.