Navigate the rental landscape in Colorado with confidence!
Our blog breaks down the latest laws, ensuring you’re well-informed about your rights as both a tenant and a landlord. Stay empowered and make the most of your rental experience in the Centennial State. Welcome to hassle-free living!
Welcome to the ultimate guide for renters and property owners in the picturesque state of Colorado! Whether you’re a seasoned tenant or embarking on your first rental journey, staying in the know about current laws is key to a stress-free living experience. In this blog, we unravel a few complexities of Colorado’s rental landscape, offering you a clear understanding of the latest regulations. From specific disclosures to residential protections, consider this your go-to resource for navigating the vibrant world of renting and owning in the Centennial State. Let’s embark on a journey to informed and empowered living!
1: Submitting a portable screening report
Tenants can now submit a portable screening report, no older than 30 days, providing the same information as a standard background report (criminal, credit, eviction history, etc.). For example, these may come from other management companies or potential employers who have already run the background check. Property management firms reserve the right to decline any reports lacking the necessary details. If tenants opt for the portable report, no application fees may be charged. On any site that properties are advertised, firms must disclose this information by adding the following message- “A prospective tenant has the right to provide to the landlord a portable tenant screening report, as defined in section 38-12-902(2.5), Colorado Revised Statutes; and If a prospective tenant provides the landlord with a portable tenant screening report, the landlord is prohibited from: Charging the prospective tenant a rental application fee; or Charging the prospective tenant a fee for the landlord to access or use the portable tenant screening report.”
More Information can be found on the Colorado state legislature website under bill HB23-1099.
2: Radon disclosure requirement
With updated guidelines, property management teams are obligated to provide all tenants with a radon disclosure addendum and an informative radon pamphlet. Radon is a radioactive gas that has proven to be harmful if exposed to for long periods of time. It is crucial as a tenant or an owner to be aware of this because if a property tests positive for radon, that property is automatically deemed inhabitable. It is also important to highlight that the radon disclosure must be an addendum to your lease rather than being integrated into the lease. Failure to provide the radon disclosure and informative pamphlets renders the lease voidable by the tenant.
More Information can be found on the Colorado state legislature website under bills HB23-1254 and SB23-206.
3: Protections for residential tenants
Embracing more of a tenant friendly approach, recent policy updates have placed further restrictions on security deposits and income requirements. Security deposits find themselves under a new cap, restricted to a maximum of 2 times the monthly rent. Landlords are also now limited to requiring that a tenant make twice the amount of the monthly rent, as opposed to 3 or 3.5 times.
In addition to this, Colorado state legislature has placed restrictions on fees allowed to be charged regarding lease expirations. The law reads as such, “a provision that purports to affix any fee, damages, or penalty for a tenant’s failure to provide notice of nonrenewal of a rental agreement prior to the end of the rental agreement, except for actual losses incurred by the landlord as a result of the tenant’s failure to provide any such notice required pursuant to the rental agreement.” This means that, legally, a tenant does not have to provide a notice of nonrenewal to the property manager and the property manager may not charge any sort of fees if the tenant fulfills the initial lease term.
Please note that whether you do provide a notice of nonrenewal and are choosing to terminate the lease agreement early, you may incur fees from the property manager.
More Information can be found on the Colorado state legislature website under bills HB23-1095 and SB23-184.
As we conclude our exploration of Colorado’s rental landscape, remember that knowledge is your greatest ally in this journey. Stay informed, know your rights, and confidently navigate the rental experience. Whether you’re a tenant or a property owner, these current laws are the foundation for a harmonious living arrangement. Remember, having a competent and hands on property management team will be your first step in achieving that.
Here’s to empowered proprietors, fair practices, and thriving communities in the beautiful state of Colorado. Happy renting!
