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

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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. 

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

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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.

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

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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. 

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

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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. 

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

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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. 

Apartment association helps raise $100,000 for renter assistance

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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. 

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

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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. 

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

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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.

 

Denver rents keep rising no matter how much housing we build. Now what?

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Denverite reports Denver rent continues to rise and mentions the Colorado Apartment Association.

“Andrew Hamrick, who serves as general counsel for the Apartment Association of Metro Denver and the Colorado Apartment Association, backs an argument often heard in housing circles: The solution to the housing problem is not to build fewer expensive housing units. It’s to build more.”

“Such an argument was bolstered by researchers at the W.E. Upjohn Institute for Employment and Federal Reserve Bank of Philadelphia who looked into the effects of new housing in low-Income areas in Denver and 10 other cities. The study, published last year, found that new buildings slow rent increases. The researchers said that if new buildings don’t go up, high-income earners will just offer more money for existing housing.”

“This raises the rents for everyone and lowers the ability of low-income residents to stay in or move to the area,” they concluded.

Read more at Denverite. 

‘It’s one thing after another’: Colorado business groups decry early bills in restarted legislative session

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Denver Business Journal reports on the restarted legislative session and mentions Andrew Hamrick from the Colorado Apartment Association.

“And the Colorado Apartment Association is concerned further by a draft Senate bill that has been circulating since May 22 that would ban landlords from serving eviction notices for any reason other than criminal behavior for 180 days after its enactment. Since the eviction process generally takes two months in court and since Colorado courts have not been hearing eviction cases since March, that would essentially mean that tenants would have 10 to 11 months in which they would not have to pay rent and would not be worried about losing their apartments or houses, noted Andrew Hamrick, CAA general counsel and senior vice president of government affairs.”

“The proposed bill comes after some Denver apartment dwellers have called for a “rent strike” in the face of massive job losses in the hospitality and retail industries that have cost many younger workers their jobs. And while it includes a provision for a foreclosure moratorium by mortgage holders on commercial properties that have suffered Covid-related revenue losses, those mortgage costs tend to average just 38% of overall costs for a landlord, meaning that could not salvage many properties for which they are not getting revenue.”

Read more at Denver Business Journal.