Investments can be a great way to build your wealth and reach your financial goals through real estate. However, it can get a little complicated to stay well informed with the constant law changes in Colorado. Fortunately, when you work with a property management company like Progressive Property Group, you not only have 3-Attorneys on retainer who specialize in Real Estate laws, but also a team of licensed Brokers who are mandated to review and test on all new real estate updates throughout the year.
Federal Fair Housing Act-Updated in 2021
The Federal Fair Housing Act establishes several protected classes. The Department of Regulatory Agencies (DORA), updated the fair housing laws to prevent Landlords from discriminating against people based on the following characteristics:
- Skin Color
- Race
- Disability Status
- Sex
- Familial Status
- National Origin
- Hair Type
- Religion
Colorado's Fair Housing Act
Colorado has a parallel law that establishes several additional protected classes. These are additions to the seven above-listed classes:
- Creed
- Ancestry
- Sexual Orientation
- Marital Status
Thus, you cannot refuse to choose a married tenant over a single tenant simply because you prefer married couples. Similarly, you cannot deny an applicant due to their Familial status due to having children.
Service Animals/Emotional Support Animals vs Pets
Over one third of renters have pets in Colorado due to being known for Colorado’s outdoorsy reputation. Understanding the recent law changes around emotional support/service animals and pets, are vital for rentals in Colorado. A Service Animal is defined as an animal trained to perform certain tasks. Example, a person has a history of seizures. The animal is trained to recognize the signs and alert the person prior to the attack. An Emotional Support Animal is defined as an animal that assists a person without performing any specific task. Example, the animal brings the person comfort when feeling anxious. This is an animal that’s necessary for the emotional purpose of the person. Because an Emotional Support Animal/Service Animal are prescribed by a Physician and have paperwork showing the need, landlords cannot disqualify a renter because of their animal. Landlords also cannot require a pet fee, pet deposit, or pet rent on this animal. Although some management firms have restrictions on weight and breed due to the type of property, these rules do not apply to Emotional Support/Service Animals.
Pets do not provide a service and are not for the purpose of a person’s emotional well-being or health. Although, pets naturally increase endorphins and bring happiness to their owner, they do not come with paperwork and are not prescribed by a physician. Pets are the only animal that a landlord can collect a pet fee, pet deposit and/or pet rent as a result. Landlords are allowed to deny a tenant based on breed and/or weight for all pets.
Security Deposit Rules in Colorado
One of the most common leasing requirements for rental properties is a security deposit. The landlord can hold this to cover any potential damage to the property when the tenant vacates. The security deposit laws in Colorado are fairly simple. The landlord can require a one-time deposit of any amount. Commonly, landlords will require a deposit equal to the first months rent or a deposit equal to the first and last months rent. Progressive Property Group has a very thorough process that ensures tenants and landlords are equipped and informed on how to properly document damages noticed prior to the tenant taking possession of the home. Differently than other management firms, Progressive Property Group takes their own photos and has a checklist that is systematically detailed by every room, closet, opening, access point and exterior, prior to move in. This form is also provided to the tenant so that they too can take their own notes and photos of what they noticed. The same documentation and forms are again executed after the tenant vacates. Once the tenant supplies a notice to vacate, they are provided with another checklist of items to complete prior to vacating and encouraged to take their own photos of damages after all of their belongings have been removed. All of the documentation that were conducted prior to the tenant taking possession, is again reviewed against the move out inspection conducted by Progressive Property Group. Any damages that were tenant caused during the lease term will be applied towards the deposit held within the firm. Any remaining monies after all damages have been assessed, will be returned back to the tenant.
Contact Progressive Property Group To Learn More About Leasing in Colorado
Understanding the leasing laws in Colorado is one of the most important parts of being a landlord in the area. Renting out properties can be a great way to earn a living. However, you should always be careful to understand your rights and responsibilities. Contact Progressive Property Group to learn more about leasing in Colorado Springs and the rest of the state. You can also reach us by calling (719) 350-5871.