By William Bronchick, Attorney and Real Estate Coach
If you are in the real estate investing business and hold properties you should know that tenant rights in Colorado are not too strong, as Colorado is a fairly low-regulated state when it comes to landlords and tenant’s rules, particularly single-family homes. This may change as vacancy drops to new levels in Colorado and landlords are in the driver’s seat, potentially giving unscrupulous landlords the unfair advantage.
Some landlords may choose to abuse this privilege and it could cause the Colorado legislature will step in and pass new laws intended to protect tenants and give them more rights. This may work for now to help tenants’ rights, but if occupancy drops, tenants may not need such protections. Good intentions pave the path to hell, as the expression goes, and landlords should be aware of new laws that the Colorado Government intends to pass. While tenants do have rights, we don’t need so many rules that create a difficult time for landlords to keep their properties rented. Some tend to think of landlords in Colorado as greedy, rich people, when in fact most small landlords are small business people trying to make a reasonable living.
Do you know your rights are a landlord or tenant in Colorado? If you are a landlord or tenant, you will want to read the Colorado Landlord-Tenant Handbook at http://www.bouldercolorado.gov/index.php?option=com_content&task=view&id=3767&Itemid=1406.
Another place to look is the Colorado Legislature’s website from time to time, and sign up for newsletters from landlord associations (Apartment Association of Metro Denver, for example) and real estate investors associations, such as the Colorado Association of Real Estate Investors (www.carei.om). These organizations will email their subscribers and members when new laws are proposed which seek to give tenants more rights and/or restrict actions of landlords.
Stay educated and informed, and have a strong voice in your community when the government tries to pass new laws that affect your business. Also, check with your city, county, or municipality for specific rules that may give tenants more rights than Colorado state law. An added note that having a real estate attorney, real estate coach, or real estate mentor on your team can pay dividends!