Overview
This video provides information about House Bill 23-1068 in Colorado, specifically focusing on limitations on pet rent and security deposits for landlords. The law went into effect on January 1, 2024, and sets restrictions on the amount landlords can charge for pet-related fees.
History & New Limitations
- Prior to this law, landlords had discretion in setting pet deposits and pet rent amounts, but now they must comply with the new state law.
- The limitations on pet rent are set at $35 per month or 1.5% of the monthly rent amount, whichever is greater, per household.
- There is a $300 maximum limit on pet deposits per household, which must be refundable.
- Landlords must also adhere to the rule that the total security deposit amount cannot exceed two times the monthly rent.
Recommendations
- Landlords in Colorado should ensure they are compliant with the new law by adjusting their pet rent and security deposit policies accordingly.
- Consider allowing pets in rental properties to appeal to a larger tenant pool, as a significant percentage of tenants in Colorado own pets.
- Implement a limit on the number of pets per household to mitigate risks associated with pet-related damages.
- Conduct frequent property inspections to monitor any potential damages caused by pets and ensure the property is well-maintained.
We’re Here for You
If we at His House can be a resource for you, please do not hesitate to reach out! As a Windsor property management company, we’re committed to helping landlords throughout northern Colorado.