Change is coming to the Denver rental market yet again. Effective January 2023, all landlords who own two or more rental properties in Denver will be required to have a rental property license. Beginning January 2024, all landlords who own one or more rental properties will also need to obtain a license.
The Facts Behind Denver’s Rental Property License Requirement
Back in May 2021, the city of Denver chose to enact a new ordinance that will require all landlords offering rental housing in the city and county of Denver to obtain a license and meet certain inspection parameters in order to enforce a minimum required standard for housing in the area. The goal is to help hold landlords further accountable for the quality of housing they provide and to help the city gather data regarding the market and conditions in Denver.
Inspections and Fees
So what exactly does this mean for landlords in the Denver area? In order to obtain a license based on Denver’s timeline (2 or more units by 01/01/2023 and 1 or more units by 01/01/2024), rental property owners will need to have an inspection completed by a qualified third party inspector for compliance with the minimum standard required for housing. These inspections must be completed and approved prior to completing your license application. If you haven’t done so already, make sure to schedule yours immediately. Slots are filling quickly and those who don’t have these completed prior to the requirement date may find themselves in violation with the city and county of Denver.
Property owners will also have to pay a fee based on the number of properties they own and use as rentals. According to Denver’s website, “The license fee is only $50 for a single dwelling unit, $100 for two to 10 units, $250 for 11 to 50 units, $350 for 51 to 250 units and $500 for 251 or more units.”
Are You Ready?
With the end of 2022 fast approaching, it’s important for all rental property owners with rental properties in the city and county of Denver to take the necessary steps to remain in compliance with this new ordinance. If you haven’t taken the steps to obtain your Denver rental property license, we greatly encourage you to do so sooner rather than later. Denver has a lot of great FAQs on their website as well. Be sure to check it out if any questions arise!
