The Colorado State legislature was busy in 2023 crafting, modifying and updating many of the landlord/tenant rights, roles and responsibilities that all landlords must incorporate into their business practices in 2024. Whether you are an accidental or intentional landlord, here are handful of the most recent updates. As always, consult a real estate attorney to make sure you're protected and working within the law.
THE CRAFT BROKER
NORTHERN COLORADO HOMES
2024 Landlord Updates
Jared Reimer - The Craft Broker
- Pet Deposits and Pet Rent - Pet deposits are now capped at $300 total (not per pet). Additionally, you may not charge more than $35/month in pet rent or 1.5% of total rent (whichever is greater). This stops a predatory practice of increasing pet fees beyond a reasonable threshold. Additionally, pet deposits must be refundable.
- Payment for Rental Applications - The fee for an rental application is capped at the total expense for the application processing. It used to be that landlords would take $100 per rental application, even though a background check might cost $35. This makes it so landlords cannot profit from applications. Additionally, tenants may provide a no cost portable screening report in lieu of paying for a formal application.
- Markups and Fees - Landlords cannot markup for services rendered by 3rd party more than $10 or 2% of what the landlord was billed.
- Non-Renewal Fees - Landlords cannot charge fees, penalties or damages for tenants failing to provide notice of non-renewal, except for "actual losses incurred by the landlord".
- Security Deposits - Security deposits are now capped at 2x the monthly rent, and security deposits must be returned no more than 60 days after the tenant vacates the property. If the landlord withholds any of the security deposit, they must provide a written statement that lists the costs and reasons for withholding.
- Rent Increases - Landlords may only increase rent once within a 12 month period.
- Late Fees - If a lease does not mention a late fee, a landlord may not charge one. Late fees can only be levied if rent is late by 7 days and can't charge more than 5% of rents or $50, which ever is greater.
- Habitability - Landlords must keep units in habitable condition, meaning running water, functional appliances and major systems, and no mold.
- Municipal Restrictions - Many municipalities have rental occupancy restrictions, short term rental restrictions and/or rental licensing programs. Be sure to check with your city or county to inquire about restrictions.
I provide the expert guidance, resources and confidence to easily make a move in Northern Colorado. Every real estate transaction is unique and I work closely with you to develop a plan, strategy and approach to get the most out of your next sale or purchase. If you, a friend or a neighbor have a real estate need, please get in touch with me | Jared@TheCraftBroker.com or 970.222.1049
About the Author: Jared Reimer is a native Coloradoan and an Associate Broker at Elevations Real Estate in Old Town Fort Collins. He’s a community advocate, business champion, blogger, leader, tireless volunteer, innovator, thinker and expert on all things real estate in Fort Collins and surrounding Northern Colorado. You’re likely to find Jared spending quality time outside with his wife, Kacie, and kids, Hudson and Isla, or visiting with friends and clients throughout Fort Collins and Northern Colorado. Call or text Jared at 970.222.1049 or email him at Jared@TheCraftBroker.com