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.

GlobeSt.com 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.”

Read more at GlobeSt.com.

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. 

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.

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. 

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. 

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.

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. 

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. 

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.