The Clock Is Ticking for Long-Term Rental Property Owners to Obtain Licenses in Denver, Colorado
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Joseph Monzon, Vice President, Managing Consultant 303.590.9150 | JoeMonzon@mfpoer.com
Rick Edwards, Principal Consultant 303.590.6193 | RickEdwards@mfpoer.com
In hopes of ensuring required minimum housing standards, tracking available rental housing throughout the city, and maintaining a clear picture of affordable housing options, the Denver City Council enacted bill CB21-0420. This bill will require property owners to obtain a license for long-term rental properties. Owners must acquire a rental license to legally offer, provide, or operate a residential rental property in the city and county of Denver by January 1, 2023.
To obtain a license, an inspection must be completed by an inspector from an approved list, who will randomly select 10% of the total units along with common areas and shared utilities. If the property fails inspection, repairs must be made to receive the license. Additional provisions in this bill require landlords to provide a written copy of the Denver Tenant Rights and Resources to the tenants. If a property fails to obtain a license or is out of compliance, the Denver Department of Excise and Licenses will issue fines and citations; the amounts have not yet been set.
Each license must be renewed every four years or when ownership changes from the person recorded on the face of the license. The application fee is $50, and the license fee will cost $50 for single-dwelling units, $100 for two to 10 units, $250 for 11 to 50 units, $350 for 51 to 250 units, and $500 for any amount above 250.
With the deadline fast approaching, it is important to make sure you apply through the Denver Permitting and Licensing Center to ensure your property will be in compliance by the January 1, 2023 deadline. Contact a Ryan expert today for assistance.