Colorado Springs property managers and landlords are facing significant changes due to recent state legislation. Several bills passed in 2023 and 2024 are reshaping the rental landscape, affecting everything from tenant screening to eviction processes. This article examines four key pieces of legislation and their impact on the property management industry in Colorado Springs.
SB24-094: Rental Application Fees and Screening Criteria
Senate Bill 24-094, introduced in 2024, proposes stricter regulations on rental application fees and screening criteria. Here’s how this bill impacts the residential leasing landscape:
- Limit application fees to the actual cost of screening
- Require landlords to provide detailed receipts for application fees
- Standardize screening criteria across properties
- Prohibit discrimination based on source of income
Impact: Property managers will need to reassess their application processes, which could potentially lead to more transparent and equitable tenant selection.
However, it may also increase administrative burdens and limit flexibility in screening procedures.