Colorado Politics

Colorado apartment owners study shows March rent collections high, evictions low

Despite Gov. Jared Polis’ ending the evictions moratorium, Colorado evictions remain lower than March 2020 levels, and 98% of tenants continue to pay rent on time, according to the Colorado Apartment Association.

That 98% rent-collection level is less than 1% lower than the March 2020 level. There were an estimated 1,742 evictions in March, well below the 3,480 filed in March of 2020, the association’s study by RealPage shows.

The CAA has more than 3,000 apartment owner members who manage some 300,000 apartments statewide.

“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 CAA, in a statement.

The study shows that throughout the pandemic, the percentage of eviction filings stayed between 30%-50% of “normal” eviction rates before the COVID caused pandemic.

The number of evictions, however, did spike to the highest level in 16 months in January, with 2,672 filed. In January 2019, there were 4,702 evictions filed throughout the state, according to CAA.

The lowest level of rent collections happened in April 2020, with 94.8 percent of tenants paying on time. The rent collection level has climbed every month since January’s 95.5%.

“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,” Williams said in a statement.

CAA pointed to the $247 million Colorado received for rent and utility assistance as part of the federal government’s latest relief package. Tenants can apply with the Colorado Department of Local Affairs for past due, current or future rent expenses.

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