State doing better than most
77% of Colorado landlords recently got full rent payment
By Aldo Svaldi
The Denver Post
Colorado landlords did much better than landlords in other states when it came to collecting the full amount of rent last month, making it likely evictions here won’t be as severe as those elsewhere in the months to come, according to a survey from Turbo- Tenant, a rental management software provider.
Nationally, only 54% of landlords reported collecting the full rent last month, while in Colorado, 77% of landlords received a full rent payment. Several large states were below the U.S. average, including New York at only 32% of full rent collected, Illinois at 39% and California at 48%.
Monthly surveys from Turbo-Tenant have shown a steady deterioration in rent collections and a big spike in non-payments last month. Back in April, May and June, nearly eight in 10 tenants nationally were able to make the full rent payment in each of those months. Now it is just over half, and 35% of landlords reported having to tap savings or emergency funds to meet their expenses.
Unlike other rent surveys involving large apartment owners, TurboTenant’s client base skews toward independent landlords with one-to-four properties, and about three out of four survey respondents in Colorado fit that bill. About 44% of the Colorado landlords surveyed owned properties in suburban areas, which are being less impacted by missed rent payments.
Colorado rents, especially for homes, run higher than the national average, and the Colorado renters who participated in the survey made over $50,000 a year. Nationally, the households struggling the most to make the rent pull down under $50,000 a year.
“Our sample set seems to represent a group of tenants that were the most well-equipped to pay rent — this translates into Colorado landlords receiving more full rent payments,” said Taylor Marley, a content specialist for TurboTenant in an email. The Colorado Apartment Association reported a rent collection rate last month of 94% as of Dec. 20, although it didn’t break out the share of full versus partial payments. Still, the rent collection rate is only down from 96.7% in December 2019 and much better than 89.3% U.S. rent collection rate reported in the National Multifamily Housing Council’s Rent Payment Tracker.
Nationally, just over one in five renters surveyed by TurboTenant reported borrowing money to make the rent, which is not a
sustainable strategy longterm. Apartment List conducted a separate survey of 4,000 apartment renters during the first week of January and found that 28% carried unpaid rent debts into the new year.
Just over half of Black renters had carried rent debt into 2021, while just under four in 10 Hispanic renters and young renters, aged 18 to 29, had done so.
“People of color, who tend to work in occupations that are more prone to disease exposure and more susceptible to pandemic- related layoffs, are coming into 2021 with greater rent debt and more salient concerns about losing their housing once eviction protections expire,” Apartment List research associate Rob Warnock said in his report.
Aldo Svaldi: 303-954-1410, firstname.lastname@example.org or @AldoSvaldi