September Rent Collections Remain Strong, Dispelling ‘Eviction Crisis’ Concerns
DENVER (Sept. 25, 2020) – Colorado’s rent collection percentage as of Sept. 20 was 95.1%. This rent collection percentage is up slightly from the Aug. 20 rent collection percentage, which was 94.7%. As of Sept. 20, 2019, the rent collection percentage was 96.8%, Colorado’s rent collection percentage for September 2020 is only 1.7 percentage points below 2019.
Colorado rent payments have outperformed national rent payments in every month since April, as told by the National Multifamily Housing Council (NMHC)’s Rent Payment Tracker, which found 90.1% of apartment households paid rent by Sept. 20, 2020. As of Sept. 20, 2019, the national rent collection percentage was 91.8%. Additionally, Colorado rent payments have exceeded national rent payments compiled by RealPage, a data analytics firm compiling national data from 46 states, reporting nationwide payment rates of 90.1% for Sept. 20.
Colorado’s eviction filing rate also remains low. In August, the 1,598 eviction filings across the entire state were only 49% of the normal filings for the month (3,244 during August 2019), and through Sept. 20, the 1,617 eviction filings are at 63% of the normal (2,547 filings during September 2019).
“Low eviction filings and strong rent collections tells us Coloradans are continuing to make rent payments a priority in a trying time,” said Mark Williams, executive vice president of the Colorado Apartment Association. “Our members, who represent 75% 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 EHAP and POP 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 worked each day to support Colorado residents who are struggling with rent payments by offering payment plans and other solutions to keep residents in their homes.
CAA also provides resources for residents struggling with rental payments through its partnership with Resident Relief Foundation (RRF). This partnership 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 organization that provides rental assistance grants to responsible residents during temporary financial 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 nearly $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.
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