Report finds 89% of Coloradans paid May rent on time

COLORADO SPRINGS, Colo. (KRDO) - The Colorado Apartment Association (CAA) reports that nearly 89% of Coloradans paid May rent on time.

This is an improvement from April when 83% of residents paid rent on time.

CAA collected data from 137,719 apartment homes across Colorado. With nearly 89% of rent payments on time for May, CAA found that the financial impacts from the coronavirus pandemic were not as severe as anticipated.

The biggest takeaway between rent payments before COVID-19 and during COVID-19 was when rent was paid. CAA reports that people are waiting longer to pay rent during the pandemic.

Governor Jared Polis issued an executive order limiting foreclosures and evictions for the month of May.

Local law enforcement agencies are to suspend evictions unless an eviction is needed to protect public health and safety.

Under the order, landlords and property owners cannot charge late fees or penalties for the inability to pay rent. Landlords will also need to inform tenants of new federal protections against evictions and foreclosures.

Additionally, state agencies will work with property owners to create a repayment model that allows tenants more time to pay rent.

CAA has put together a list of resources for residents who are struggling to pay rent.