Category: News Clips

Metro Denver apartment rents recover from declines seen in early months of pandemic

Metro Denver apartment rents recovered in the third quarter after falling in the early months of the pandemic as tenants continued to fill the new supply coming onto the market, according to the latest Denver Metro Apartment Vacancy and Rent report from the University of Denver’s Daniels College of Business.

The average monthly rent for an apartment in metro Denver rose from $1,505.71 in the second quarter to $1,521.66 in the third, a gain of $15.95 a month. The year over year change works out to $15.30. Median rents rose from $1,1453.97 to $1,463.34 between the two quarters, which works out to a gain of $9.37 a month.

“These results negate the concern of an apartment market crashing because of COVID-19 effects, albeit certain localized situations are likely,” Ron Throupe, associate professor of real estate at the Daniels College of Business, said in the report he co-authored.

Read the full story at The Denver Post.

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Landlords Increase Apartment Concessions to Draw in Tenants reports landlords across the United States are willing to increase apartment concessions for new tenants instead of lowering rent, following the release of a new Zillow study.

“The survey of Zillow listings showed that 30.4% of rental listings on the service featured concessions, compared to 16.2% of listings in February and 12.5% last July. Those concessions can range anywhere from a month off rent, free access to a parking space or even a gift card, according to the study.

“The survey indicates that landlords are choosing to offer perks to draw in potential tenants rather than make more permanent moves like lower rent. “Before the pandemic, the nation was seeing concessions dwindle earlier this year, which coincided with accelerating rent growth. That trend reversed sharply after the pandemic hit in February,” Zillow Group economist Joshua Clark wrote. “In a softer rental market, landlords are trying to push the right button to bring renters into their space.”


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Colorado Eviction Ban Set To Expire Saturday After Democrats’ Proposal Disintegrates

Colorado Public Radio quotes Drew Hamrick on tailoring rent relief to residents with COVID-19 hardship.

“People have generally kept paying their rent despite the current eviction moratorium and financial crisis, with only a slight rise in delinquency, according to data from a Colorado Apartment Association survey of larger apartment buildings.”

“But Hamrick said that even small increases in nonpayment could disproportionately hurt smaller landlords.”

“If you have a bungalow in Washington Park and a duplex in Capitol Hill and one of your tenants doesn’t pay, that is unsustainable,” he said.

“Conversely, housing advocates have warned that evictions will surge as unemployment benefits ramp down and the recession potentially drags on. Gonzales said that evictions will leave people homeless during a pandemic.”

Read more at Colorado Public Radio

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Good Works: KeyBank gives $744M for Colorado communities; $5M raised for Denver scholarships

Denver Business Journal published a Good Works article on COVID-19 relief efforts in Colorado and included CAA’s partnership with Resident Relief Foundation.

“Industry trade group Colorado Apartment Association — with its members — has raised $100,000 for the Resident Relief Foundation to help Colorado residents struggling to come up with rent payments. The nonprofit Resident Relief Foundation aims to raise $10 million for rent assistance across the nation. Qualifying residents can apply for relief in the form of partial or full rent payments.”

Read more at Denver Business Journal.

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“People are going to end up homeless”: Inside lawmakers’ failed effort to extend Colorado’s eviction moratorium

The Denver Post quotes the Colorado Apartment Association on lawmakers’ failed effort to extend Colorado’s eviction moratorium.

“The association has indeed been working behind the scenes and on social media to thwart the planned Gonzales bill. But spokeswoman Michelle Lyng rejected the idea that property owners want to evict tenants. Lyng noted that on average, landlords pocket only a fraction of the amount of money they bring in from rents. The majority goes to mortgage payments, upkeep and staffing, she said, arguing that if the legislature suspends evictions, small-scale landlords in particular may struggle to meet their obligations.”

“Lyng said landlords want to keep tenants and use eviction filings as a last resort.”

Read more at The Denver Post

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Here’s how Colorado apartment rent collections ended up for May

Denver Business Journal reports on Colorado apartment rent collections for May and mentions the Colorado Apartment Association.

“Apartment managers across Colorado collected more rent in May than they did in April, according to new data compiled by the Colorado Apartment Association.”

“Data from 50 different apartment management companies representing more than 125,000 apartment homes across the state shows that 95.2% of renters paid May rent in full by the end of the month, up from approximately 91% in April.”

“That increase of four percentage points is an encouraging sign for the industry after a “relatively high” collection rate in April, according to CAA executive vice president Mark Williams.”

Read more at Denver Business Journal

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Op-Ed: Now Is the Time for All Coloradans to Work Together

Westword released an op-ed by Terry Simone in response to the recent op-ed claiming the Colorado Apartment Association does not speak for all Coloradans.

“It was disappointing to read the recent op-ed in Westword claiming that the Colorado Apartment Association  does not speak for all Coloradans. The association represents over 3,000 members who own and/or manage over 300,000 apartment homes, which totals more than $88 billion in assets. Together with the local affiliates, the National Multifamily Housing Council and the National Apartment Association, CAA offers a strong network of information, education and representation for the multi-family housing industry. Contrary to the article’s claims, CAA represents 75 percent of the rental housing market in Colorado and has the data and numbers to justify reports released.”

“While Desiree Kane and Ean Tafoya, the authors of “Colorado Apartment Association Does Not Speak for All Colorado,” are entitled to their own opinion, they are not entitled to their own set of facts. CAA polls its members, as does the NAA and the NMHC, and shares the data with the public as data baseline for where Colorado is in comparison to national numbers when it comes to rent payments collected.”

“Just as Colorado continues to require payment for other living essentials, such as groceries, housing is no exception. Canceling rent or canceling mortgages is not the answer for COVID-19-impacted residents, and would ultimately cause another housing crisis that worsens the economic conditions and welfare for all Coloradans.”

Read more at Westword

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Apartment association helps raise $100,000 for renter assistance

Colorado Politics reports the Colorado Apartment Association helped raise $100,000 to assist tenants with rental payments.

“The Colorado Apartment Association has helped raise $100,000 to assist tenants with rental payments, consisting of donations largely from housing providers.”

“Renters who have lost incomes or jobs due to COVID-19 may apply for partial or full relief using the fund through the Resident Relief Foundation, a Los Angeles-based organization that helps “responsible residents” in financial emergencies.”

“The Colorado Apartment Association is proud of the generous efforts of our members and other Coloradans who have donated during uncertain economic circumstances of COVID-19,” said Mark Williams, executive vice president of CAA. The association represents over 3,000 members who collectively manage in excess of 300,000 apartments.”

Read more at Colorado Politics

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Apartment Association of Metro Denver to induct 3 members into its Hall of Fame

Colorado Politics reports the Apartment Association of Metro Denver inducted 3 members into their hall of fame.

“The Apartment Association of Metro Denver will induct three members into its hall of fame later this summer, the group announced Tuesday.”

“Doug Andrews, Jennifer Nessett and Deborah Wilson will be inducted into the AAMD Hall of Fame for their leadership, experience and impact on the local apartment industry.”

“These three individuals have made significant strides to Colorado’s rental housing market and we are grateful to have them serve alongside us,” Mark Williams, executive vice president of AAMD, said in a statement. “It’s been an honor to watch the hard work and dedication from these professionals in the fields of management, brokerage, board leadership, and legal consultation.”

Read more at Colorado Politics

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More Than 95% Of Colorado Renters Made May Payment By End Of Month

KCNC reports 95% of Colorado renters paid their rent in May and mentions the Colorado Apartment Association.

“More than 95% of renters in Colorado paid their May rent in full by the end of the month. That’s up from April – when 91% of renters were able to make the payment.”

“The Colorado Apartment Association says that makes it clear the industry is finding a way to help renters since the pandemic started.”

Read and watch more at KCNC.


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