I was rudely made aware of last year’s new tenant laws when a tenant (incorrectly) cited (Colorado Revise Statutes) C.R.S. 38-12-701, Notice of Rent Increase which states that a landlord must give a tenant 21-days notice of a rent increase if there’s is no agreement/lease in place. If there’s a lease, then this restriction isn’t applicable.
If that weren’t enough, (and don’t you think it ought to be?) there’s C.R.S. 38-12-702, Limit on Frequency of Rent Increase which limit rent increases to once every 12-months.
More Bills from the Colorado Legislature Headed Your Way
Find out what the Colorado Legislature has in store for landlords next year. Click on the links to see more about each bill. (Thanks to Kevin Lundberg.)
The following bills are most likely to pass during the 2023 Legislative session.
HB-1095 Limitations On Rental Agreements This is a long list of what cannot be in a housing rental agreement. This will inevitably drive up the cost of renting in Colorado, which is already way too high. Passed House third reading
HB-1171 Just Cause Requirement Eviction Of Residential Tenant More controls on rentals, increasing the cost of renting homes. Passed House
HB-1190 Affordable Housing Right Of First Refusal Forcing property owners to give the local government 90 days to review any property sale and buy it for the same terms the owner made with a private purchaser. Passed House
HB-1254 Habitability of Rental Properties This bill will guarantee an increase in rental rates across the state as property owners will have to be prepared to pay significant costs if a tenant makes a habitability claim.
SB-184 Protections For Residential Tenants If I am reading this right, it requires a landlord to rent to the first person who applies for the property and it protects the renter from eviction if any violation of this law is claimed. There are several other absurd requirements, too many to list here. This could be the worst anti-landlord bill I have ever seen.
Do you own any residential property in the City and County of Denver that you lease on a monthly or annual basis? If so, you must obtain a new municipal license in the coming months, with specific deadlines and requirements depending on the type of your property.
Multi-unit rental properties such as apartment buildings are up first – the City’s new license is required by January 1, 2023. All single-family rentals are next, with licensing starting on January 1, 2024.
In all, the City estimates that 50,000 total rental properties (multi-unit and single-family) must be licensed by early 2024. Given expected delays in scheduling certified on-site inspections and navigating a new licensing structure, our best advice is to begin preparing early.
The Denver webpage for residential rental licenses provides resources for property owners and managers.
Polis' Property Tax Relief Relies On Your TABOR Refund.
SB23-303 – Reduce Property Taxes and Voter-approved Revenue. This bill introduced by Colorado Governor Jared Polis takes the refund money you’re supposed to get from TABOR and spends it on you property taxes. This way the state still gets the huge increase in property taxes, but says it’s giving you a tax break by spending your money.