Home Business Colorado’s rental collection rate remained above average and stable in July

Colorado’s rental collection rate remained above average and stable in July

Colorado’s rental collection rate remained above average and stable in July

According to the latest news released by the Colorado Apartment Association on Monday, only 3 out of every 100 apartment households in Colorado failed to pay the July rent, and eviction applications have stabilized at about half of historical levels.

According to the Rent Payment Tracker of the National Multi-Family Housing Council, Colorado’s rent payment rate is 97%, higher than the national rate of 94.5%. According to CAA data, eviction applications in July also stabilized at 1,989, slightly lower than 1,992 in June, accounting for 52% of the pre-pandemic number.

For the landlord, these numbers represent signs of calmness. But for tenant advocates, they are the US Supreme Court’s decision on Thursday to invalidate the Centers for Disease Control’s order to ban tenants due to the pandemic and trigger the calm before the storm.

According to estimates by the U.S. Census Bureau, approximately 3.5 million Americans self-reported at risk of deportation, including 43,000 in Colorado. Goldman Sachs estimates that landlords owe them between US$12 billion and US$17 billion, but the investment bank predicts that the actual number of evictions across the country may be about 750,000.

One reason for the lower number is that Congress has allocated $46.5 billion in rental assistance funds, of which $444 million is for Colorado and the other $240 million is for local government. However, the rescue process is cumbersome and the progress of fund allocation is slow. The state of Colorado only issued $33 million in rental assistance funds.