HB 24-1098. Major changes for Colorado landlords including required lease renewals.
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- Опубліковано 28 кві 2024
- Marc Cunningham with Grace Property Management shares an overview of HB24-1098 which will have a major impact on Colorado real estate investors.
Read the full article or bill at the link below:
www.rentgrace.com/blog/Housin...
Grace Property Management & Real Estate - serving real estate investors and residents since 1978.
Grace Property Management & Real Estate
2200 E 104th Ave Suite #105 Thornton, CO 80233, United States
303-255-1990
www.rentgrace.com/
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Thank you! Appreciate this information. It is unreal at how things have changed in Colorado.
Saw thus coming several years ago. Been in rental business 25 yrs. Sold everything. Wont do business in Colorado. These Legislators have no clue what their doing. So concerned about affordable housing and yet they are driving up costs TEN FOLD. No one will rent to someone who has bad credit or whatever. It's not worth it
They are absolutely NOT concerned with affordable housing! That's why all they do is approve high end luxury developments with a couple of token "affordable" units each. Affordable, in their case, simply means costs less than the luxury units... still far above what the average person can afford.
No, the legislature is working in to make it impossible to be a landlord FOR the banks.
Banks are buying property all over the US. Dig into it and you'll see why.
You did what they hoped you would… sell and open up housing to actual owners instead of managers
@@SittingKittyColorado thank you for saying this, it should be explained more clearly.
@@boons8102 then I don't want to hear complaints about lack of rental housing or too high rents
The problem is the legislatures listen to the small minority of bad experience stories from tenants and then take the generalized attitude that all landlords are bad. Making hard fisted legislation like this is relatively easy rather than being more surgical about the process. Glad to live in a red state that allows for non-renewal. Never had to use it other than once when I sold the property. Usually the problem is lack of rent payment and tenant damage.
As a landlord who has a small portfolio of properties, this legislation makes me sick. Colorado used to be a great place but the liberals have destroyed it.
If you did not see this coming as soon as the Communists acquired a supermajority of the Colorado legislature several years ago you had your head in the sand. And don't think it will end here. Get ready for strict restrictions on raising rent, landlords having to pay absurd amounts to tenants who relocate and generally allowing tenants to abuse their use of rental properties without consequence to even greater degrees as time goes on. Won't matter if you were a good landlord that was loved by your tenants. Oh and you can soon expect those ever more elusive evictions to eventually take more than 24 months while the tenant gets to live rent free in your property without ramifications. You think it can't happen? It already is in New York and you can bet it is coming to the other deep blue states. Yeah, this will fix the housing crisis, lol! Why doesn't the legislature just get it over with and confiscate private property "for the people's good."
watch other BLUE states to follow...property taxes out of control, more then the mortgage payment in some cases..800.00 tax a month on small lot in Illinois is taking its toll....unincorporated lake county
Having a Real Estate License from California and now living in the south (renting), I loved it when my new lease agreement came in with a 40% rent increase. I 100% believe landlords need to be able to evict nonpaying tenants. But at the same time having zero rent controls allows greed to take center stage.
If local, state or federal government randomly increased the taxes on property, by 20-60% the property owners would be the first to cry Communists! But when a landlord jacks up rents because they can, it's labeled as good ole' capitalism.
@@TnavresGaming Both tenants and landlords have rights and responsibilities. In a free market and free society these can be negotiated and agreed upon in a legal contract. Courts can punish bad landlords and make amends to violated tenants. But landlords should not be forced to agree to unfair terms anymore than tenants should. The trope of the "greedy landlord" and "abused tenant" become cartoonish in deep blue states, putting an unnecessary and burdensome onus on the landlords to the point where it becomes unviable for good landlords to operate effectively. Then affordability and inventory both suffer leading to even more restrictive statutes and regulation.
Raising taxes, providing services, enforcing laws are all functions of government and can be abused like all other forms of power. Good or bad, necessary or unnecessary, it ultimately involves wealth redistribution and if done to excess leads to a bleak society. Communism, which sounds good to many on paper, is one direction in which this goes to an extreme and has never ended well historically. Proponents may say "real" communism has never been implemented but one thing history repeatedly shows is that when you take away property rights (whether for the king or "the people") you are more likely to end up like North Korea than the United States.
you need some mental help...
The Soviet Russia Constitution GUARANTEED government housing to all Russian citizens, private business landlors were not allowed under communism. What you are seeing here in NOT communism it is DICTATORIAL CAPITALISM where the politicians in control have failed in providing adequate housing and homelessness is out of control.
Is “Jive” a preferred language?
I think so. That flight attendant in Airplane spoke fluent Jive.
There goes the property value of the rental.
Welcome to colorful Commierado.
To be fair, those are really the only reasons to not renew anyway. A good tenant who wants to stay and honors the lease will eventually make you wealthy.
Obviously you have never dealt with PITA tenants who look good on paper, but pay their rent at 5:00 p.m. on the 5th of the month and whine about everything "my lightbulb went out."
@@mapleaf6672 Regular rent no later than the 5th, and changing an occasional bulb? I'll take that all day long. Dealt with much worse.
Thank you for reviewing this. Is there a way for landlords and property management companies to challenge the insanity of this new bill?
Not really a way to challenge it. It was passed in both houses and signed by the Governor - it is now set law.
Yes, this is America, provide your own translator. That's just one problem.
@@gracepmdenver it’s not a surprise that we have a former California resident in the governors house now propagating Gavin Newsome stupidity!
How does it affect tenants or leases on a month to month basis after the initial lease expires? Seems unclear if that means the lease expires every month or it never expires until tenant leaves
Imagine a landlord having online an application of what is your preferred language and just tossing out anyone who checks anything other than English.
...as it should be. Enough of the DEI BS.
Is there a white supremacist in the room with you right now?
@@goldentrichomeshydro4260 Property owners should be able to choose who they rent to for whatever reason they want as it's THEIR property, not the state's.
Business owners should be able to hire whoever they want -- or NOT hire someone -- for whatever reason as it's their "business" (see what I did there), not anyone else's. And, they can refuse to service to ANYONE for whatever reason they want.
Parents should be able to send their kids to whatever school they want, no more of this forced "integration" crap -- it doesn't work, just drags other students down to the lowest common denominator (poor-performing/disrespectful of education "diversity" that does nothing in school except cause grief for everyone around them).
So listen up DF: It's got nothing to with with W-S, it's ALL about FREEDOM OF CHOICE. We the People run things and say what's up, not the Federal gov't...something America as gotten away from chasing the FAILED and UN-American, godless, profane socialist/Marxist nonsense, which has NEVER worked no matter where it's been tried.
As for who's with me in the room right now, it's an elephant. Thanks for asking...if you were asking me. ;-)
-- BR
@@goldentrichomeshydro4260 guessing you didn't watch the video. This new law says landlords have to request missed rent payments in the preferred language of the squatters meaning its much harder to do for someone whose primary language isn't English.
@@billredding2000Mike drop! Well said.
Where specifically does it say in the bill you must renew? Also, where does it "redefine" lease termination to be "no-fault eviction"?
that is part of the confusion of the bill. See page 7 where it lists the only legal reasons for which a landlord may non-renew (which the bills calls a no-fault eviction).
Very good presentation. I'm a landlord in Nevada and fear this type nosense is headed our way. It just drives up my risks and costs which ultimately gets passed through to tenants.
Why isn't this a Takings lawsuit all over the place?!?!?
CO doesn't seem to understand the meaning of the word 'private' as in private property.
what about month to month rental?
Tenants think that adding cost and burdens to the landlord will just be absorbed by the landlord. Guess again these costs will be passed on to the tenant plus interest and no sympathy from me. Pay up or get out tenants are a dime a dozen.
Wow. Thanks for the public service announcement. So glad I am getting out of the landlord position.
So how does this effect “mid-term” rentals. Aka, furnished 1 - 6 month bookings that are serviced and promoted by platforms like AirBNB where no paper lease is in place?
Bureaucrats don't seem to know about medium term. 😅
see page 16 for the list of occupancy dates that apply.
When someone starts squatting at your mid term they are allowed to continue to steal your property I believe, but you can work with the police to go into your house and reclaim all your furniture and they might leave after that.
Also saw an interesting video where this dude will sign a lease w you and squat the squatters until they leave
Another example of the 'Californication' of the Great state of Colorado!
Sadly....im from ca...lived in co when it wasn't californicated....and these rules are even worse than ca. Uggh...so sorry
What if I want to increase the rents on the renewal - based on what I just heard that is no longer allowed and I must offer a renewal under the conditions of the orignal lease. Is that right?
You can still increase rent when granting the renewal, but it must be "reasonable" and rent may not be increased more than one-time in any 12-month period.
It’s one thing for Governments (Federal, State, and Local) to make laws to protect people from large Corporations and Mega Businesses. But to implement laws like this against the small business owners and individuals is crushing them (and destroying Free Enterprise and the American Dream)! 😡
In the reasons for non-renewal there are reasons around any reason for that. If a Landlord want to find a way or reason to get a bad tenant out they will.
I can't help but notice attorneys are always grinning from ear to ear when a new anti private property rights law goes into effect $$$$$$$$$$$
You can add Colorado to the list of states that will have difficulty providing the rental property needed to handle the demand, and the rental properties that do remain on the market will (because of supply and demand) rent for higher amounts. With much of the population struggling already with the cost of housing, this will make this worse.
I can see some business opportunities here, especially with the requirement to produce documents in the preferred language of the tenant. For one thing, specifying the preferred language will more than likely become a requirement when the initial lease is signed so that the landlord will know what language to use when providing the "eviction" notice and prevent the tenant from challenging this notice in court later on based on the failure to use the correct language. I can also see management companies that will have letters available (for a fee) in any possible language known, including some imaginary languages such as "Klingon" and "Elvish".
I'm a landlord in Denver and Colorado Springs. We've known this was coming for a while now. I've raised my rental rates by 35% because this was coming as well as the absurd increase in property taxes.
I really don't know why renters vote for democrats; but keep doing it because I'm making more money now!
What a freaking pig.
We vote for Democrats bc we aren't thinking about rents, we're thinking about how the republicans are going to take away our rights. Specifically women's rights. Maybe if republicans weren't so controlling about what women do with their bodies, we might consider voting for them.
@@Hello_jo Rent was only "raised" because the government greatly increased the costs associated with providing clean, convenient, livable housing to those people who cannot, or do not want to, own their homes.
I'm glad to be the one to explain this to you. Keep voting democrat!
@@prun8893 Whatever you feel you had to do to make things work as a LL, that's fine, but don't make this political, you just make yourself sound like AH. Glad you're not my LL.
So a lease means nothing? But tenants can non renew? CO politicians need to get a grip.
Real page and anything like it should be illegal... my rent has increases 230% in 8yrs.. the previous 8 it went up 15%
Oh yeah, I am sure it was just arbitrary "greedy landlords" and has nothing to with exploding inflation in materials costs, property taxes, insurance, labor, energy, etc. Don't you know? landlords get to pay the prices we all paid back in the 1990's. You just have to know the secret handshake and wink when you go to home depot or the country treasurer.
@@deltauniformtangocharlieho2795 I'm amazed we have to even explain this, people are really that ignorant, apparently, anyway, very well said on your part.
Your ignorance is a chain around your neck.
Doesn’t this violate the ex post facto portion of the constitution and also the impairment of the obligation of contracts ? We should go back to having a king 😂
We already do. HIs Majesty Bi-Dung and Queen Heels Up Harris.
This is what happens when you legalized recreational marijuana use. The Colorado lawmakers might be high. Colorado is the new Commiefornia.
Commies will bankrupt denver just like they did sacramento. These people truly can not learn anything different from stealing.
Slow gear communism.
How does this affect the squatters? I bet you anything it’s going to make it easier for them somehow.
You watch - you’ll have to give a 90-day notice of eviction even though there’s no contract.
How sad! People want to own, where is the affordable housing? Private property rights are being attacked. I hope you there can overturn that nonsense.
I demand that all further communication will be done in the dead language of Aramaic... good luck finding a translator to draft those documents...
"I'm not even going to guess languages..." ?? You can say it: Spanish. So landlords have to translate documents to accommodate renters who "prefer" not to speak the national language of the country they live in? Imagine any other country having this law in effect.
What if the "preferred" language is Klingon?
It should be Federal Law that English is the “preferred” and accepted legal language! And if you don’t assimilate and learn English, you should be sent back or have no special rights.
Corporations, whether small or big, that own housing deserve the upmost regulation as they are exploiting capital access and property laws that make it more difficult for individuals to purchase their own home.
“You will own nothing, and you WILL like it.” That’s the plan folks. Get ready…
They are doing this to accomodate the newcomers
It doesn’t matter how confusing this goofy bill is, it is only the first step.
More laws to follow… 🤡
If you are trying to evict me, then I prefer the language you use is Swahili. Or why not instead just use the language of the lease that the tenant signed in the beginning?
This is going to drive out small investors only on Mega corps like BlackStone will be offering rentals in Colorado.
What bank would offer a loan to a landlord under these rulea?
That's the point. Mega investment firms and banks are buying up property all over the country.
Hopefully the word eviction, whether good or bad, will show up in the renters credit report. That will be helpful.
These changes don’t seem unreasonable. What doesn’t make sense about a no-fault eviction? If someone is a good tenant (pays on time and respective when communicating) they would likely expect their lease would be renewed, especially if they have lived their multiple years. Telling them you aren’t renewing their lease is a significant burden on them. Unless it was one of those exceptions mentioned why would you ever want to get rid of a good tenant? I would assume the price is likely going up every year.
Let’s be clear, the market power dynamic is widely in favor of the landlords (low supply and high demand). It would be disingenuous to think landlords wouldn’t take advantage of people in some cases if not as a standard practice. It is completely reasonable to think these changes are due to the incredible increase in housing nationally, but specifically in Colorado.
Hopefully the word eviction will show up in credit reports. Whether good or bad eviction.
The law of all States in the U.S. should be that everyone’s “preferred” language MUST be ENGLISH!!! All this catering to people who refuse to assimilate and learn English is total BS!
Here's cause to not renew; It's my friggin property.
So basically, all tenents are suddenly squatters by default under the law. Genius Democrats, thanks.
Colorado used to be amazing....its as bad as california now....or worse. Uggh....what happened?
There’s literally zero reasons for having a long term lease. Just rent month to month, have a rock solid lease contract, and when you want a tenant out raise rents by 30%. They’ll move out, you advertise it at the higher rate, no interest obviously, then you lower rent back to market rates and get a new tenant and you’ve CYA. Rinse/repeat. Other option is to “sale” it to a new LLC with the managing member as an anonymous holding company out of WY
Gotta love all of the people on here making this political. You all sound like AHs.
AGAIN, RENTERS UNITE!!!
Cry harder landlords
Figures! I sold my Denver rental condo last year and picked up two properties in Jacksonville, Florida on a "1031 Exchange". If you also want to bail out of Denver to a better, more tenant friendly place like Florida, please feel free to contact me. I'll give you a great lead on where to buy and the contact info my 1031x professional, no problem! Hate to take business out of my own state, but I AM IN CONTROL - NOT THE POLITICIANS!
RENTERS UNITE!
You'll own nothing and be happy 🤡
@@goldentrichomeshydro4260 RENTERS UNITE!
You will always be poor.
None of these laws help renters. Everything that takes away from basic economic principles of supply and demand will result in a total mess.