COLORADO SPRINGS — Renters in Colorado will soon have more protections. Two bills signed into law this year go into effect next week.
Senate Bill 23-184 will cap the minimum income requirements to twice the cost of monthly rent. Right now, landlords can require tenants to make at least three times what they charge for rent.
“One of the biggest problems with renters in Colorado Springs is that they're paying the majority of their income for rent or for mortgage,” said Senator Tony Exum, who represents District 11 in El Paso County. He’s also one of the prime sponsors for the law.
The law also caps the amount a landlord can charge for a security deposit to only two months worth of rent.
“That could be pretty steep along with the security deposit and application fee and all the other stuff that is required,” said Senator Exum.
The law also states that if a landlord uses rental or credit history as a part of their application, then they can't consider rental or credit history past seven years before the application was submitted.
Exum, who represents Southeast Colorado Springs said on average, people are making just over $40,000 a year in that part of the city.
Colorado Springs renters like Grace Rummel and Emily Gill both say the change in law is a relief for renters of all ages.
“I really think it's going to increase accessibility for a lot of people,” said Gill. “I've looked at one bedroom, one bathroom apartments, and they are insane. It's at least $1,400 a month.”
“When first seeing those changes, I got really excited because I know that when I first started renting, I wasn't able to afford all of that,” said Rummel.
The other law, House Bill 23-1095, prohibits landlords from collecting fees and giving out penalties if a tenant fails to provide notice of non-renewal before the end of their lease.
These laws take effect Monday.
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