Landlord Survival Guide: Everything You Need to Know About Colorado’s 2024 Law Changes
Hey girl! Okay, let’s get real for a second—being a landlord can feel like a roller coaster these days, especially with all the new laws flying around in Colorado. But don’t worry, I’ve got your back, and with a little preparation, you can totally handle this.
First thing’s first: know the laws and how to protect yourself. This will be your saving grace. There have been so many changes lately, and it’s crucial to stay ahead of the game. Let’s dive into some of the most important updates and what you can do to safeguard yourself and your property.
No-Fault Evictions: Get Everything in Writing!
The days of easy, no-fault evictions? Yeah, those are behind us, but you can still manage the process smoothly. Here’s the deal: you can no longer just say “goodbye” without a cause unless you’re planning on selling, doing major renovations, or moving in yourself (or having a family member move in). If you're taking any of these actions, make sure you’ve got everything in writing. Document, document, document—did I mention document? Having proof that you're following the law could save you a ton of headaches later on. Every conversation should be written down, and every notice should be served properly. Don’t just rely on texts, especially if your lease doesn’t allow for electronic communication.
Bulletproof That Lease
Speaking of leases, now’s the time to double-check yours. Seriously, pull it out, pour yourself a glass of wine, and comb through it to make sure it’s up-to-date with all the new legislation. If it’s been a while since you updated your lease, you might be out of sync with current laws. Do you know who gave some killer advice on this recently? Lyndsey O'Connell, Real Estate Attorney extraordinaire, stopped by Rocky Mountain Women Invest and spilled all the tea. Her number one tip? Get a lease that’s bulletproof. Don’t wait until you’re in hot water to realize your agreement isn’t airtight.
Notices: Time to Step Up Your Game
Here’s something to be super aware of: the requirements for giving notices have changed. If you’ve got an issue with a tenant, you’ve got to leave notice with a person first. No more just sticking something on the door! And if a tenant brings an issue to your attention—like a habitability problem (think mold, plumbing issues, etc.)—you’ve got 14 days to fix it, or you’ll need to put them up in like-kind accommodations while you get it sorted. So, always stay on top of repairs. Pro tip? Check in with your tenants monthly. Just a simple email asking if there are any problems they’ve noticed will go a long way toward catching issues early.
Keep It Professional, Even When It’s Personal
I know, I know—sometimes it’s hard to separate business from emotion when tenants are in your space. But remember, protecting yourself legally is the priority. That means keeping everything professional, even if you’ve got a friendly relationship with your tenant. If you allow notice only by mail in your lease, make sure you follow that to the letter. A text message, even if it feels easier or more personal, won’t hold up if things get legal.
Occupancy Limits, Rent Increases, and Price Gouging—Oh My!
Local governments are getting stricter about occupancy limits based on health and safety, not familial relationships. If your property is in an area with strict guidelines, make sure you’re crystal clear on them, or you could be in violation. And remember: during declared disasters, you can’t raise rent by more than 10%, so be mindful when adjusting your prices. The consequences for violating this are no joke—damages, attorney fees, you name it.
Stay Connected, Stay Informed
Look, being a landlord in Colorado is a whole different ballgame these days. But if you stay informed and follow the rules, you’ll be just fine. Don’t forget, you’ve got resources. If you’re ever feeling overwhelmed, reach out to professionals (like Lyndsey O'Connell!), join groups like Rocky Mountain Women Invest, and stay engaged with what's happening in the real estate world.
At the end of the day, it's all about protecting yourself and your property. If you’re proactive and get everything on record, you’ll weather any storm. And remember: a solid lease is your best friend.
Keep slaying, girl!
-M
Mackenzie Page is a Realtor, Investor, Writer, and Herder-of-Chickens living on her small hobby farm in Denver CO with her partner, rescue pup, and flock of sassy hens. As a board member of Rocky Mountain Women Invest, she runs the website, blog and future podcast. Follow, like and share!
Disclaimer: The information provided in this blog does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available are for general informational purposes only.