Colorado rent collections remain strong for 7th consecutive month, according to survey

The Center Square

COLORADO — October marked the seventh consecutive month where Colorado’s rental collection rate was above 90%, with over 94% of tenants paying their rent on time this month, according to a recent survey.

The Colorado Apartment Association (CAA) surveyed over 327,000 households in its membership portfolio and used data analytics software RealPage to analyze the results. The 94% collection rate is as of Oct. 20, CAA said.

The survey also showed Colorado’s collection rate has consistently outpaced the national average since April when CAA began tracking the data. Even so, it is down 0.8% since September and 2.3% off its pace in 2019. 

The state’s eviction filing rate is also low, the survey found. Gov. Jared Polis instituted an order in March, which exempted tenants from having to pay fees for late rent payments for failure to pay rent, and also provided funds to low-income families for short-term rental or mortgage assistance.

Polis issued an eviction moratorium on October 21, which prohibited landlords and property owners from pursuing eviction or possessory action against tenants until January 1, 2021.

Mark Williams, CAA’s executive director, said the combination of approaches has helped keep renters in their homes and could help the market survive the pandemic.

“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,” he said in a statement. “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.”

The governor’s eviction moratorium is similar to the one the Centers for Disease Control and Prevention (CDC) published in the Federal Register in September. However, because the CDC’s order only covered renters in federal housing, state lawmakers were left to pass law “provid[ing] the same or greater level of public-health protection” as the federal legislation.

The survey found 957 eviction proceedings were filed as of October 22, down 64% from 2019. September saw similar numbers with 1,617 evictions filed compared to the 2,547 from the year before.