The Eviction Moratorium has come to an end with no extensions expected.
The Supreme Court ruled the CDC has no authority in extending the moratorium into October. The Supreme Court also mentioned that while renters were living rent-free, property owners were still required to pay expenses. This, obviously, created hardship for many owners that have one or multiple mortgages. With the end of moratorium upon us, this does not mean the immediate eviction of renters, however it does mean the eviction process can begin.
For property owners with 5 or fewer properties, the owner must issue notice of eviction to the tenant with a 5-day period. This means the landlord has filed with the court for eviction and the renter must pay the landlord the back-rent within 5 days to avoid eviction. All other renters have a 10 window to pay their back-rent (CO Rev Stat §13-40-104 (2020)). This does not give a whole lot of time to pay landlords, and we will no doubt see a jump in evictions, collections and lawsuits. The eviction itself does not take a lot of time, as it is up to 10 days, however the area of collections and court proceedings can take months, or even years to come to a conclusion. So there, again, is still a waiting game to be had.
There have been arguments made concerning the timing of the eviction moratorium having left renters with plenty of time to find a job so they do not lose their home. The job market in Colorado is an employee market right now. This means there are a ton of opportunities out there for renters to find work, even if only temporary, so they can afford the essentials. Colorado employers have been raising the pay rate for employees and are looking to hire, but not enough people are coming in to try and find work. This leaves a huge disconnect in society right now. Why would anyone leave their livelihood in the air?
I believe we can see a change in vacancy within Colorado, which historically has an average of more non-native residents versus native residents. With Colorado being a popular place to live, the prices are also rising for housing and there has been an issue of low housing options available; without many options for affordable housing available, many Colorado natives end up moving out of state. There is no telling what will happen for sure, but I think it is going to be very challenging. I can’t help but wonder what Colorado will look like after all dust of this COVID-19 storm has settled.
*DISCLOSURE* This blog is not offered as legal advice and should not be taken as legal advice.
Contact your attorney if you are looking to evict a tenant. If you need help collecting unpaid rent or a judgement, we are happy to help! We have nearly 2 decades of experience in collecting unpaid rent and damages, so we are ready to help get back the money owed to you. You can contact us at 303.713.9370 or go to revolcollect.com.
