Good news for renters! A new leasing law in Colorado requires that landlords give 21 days' notice to short-term tenants for whom they're planning to raise the rent or evict.
Previous to the passing of the leasing law last week, landlords only had to give seven days' notice before making changes to the terms of leases that were month-to-month or less than six months. That meant that rent could be raised with just a week's notice, or that the landlord could require that the tenant suddenly vacate within seven days -- both seemingly unreasonable policies.
Sponsored by Colorado state representative Dan Pabon (D-Denver), and state senator Kevin Priola (R-Adams County),
the legislation, which increases the required notice to 21 days, took about two years to pass.
In this overheated housing market, more and more people are facing rent increases and having to find short-term accommodations,” Pabon's written statement said. “This new law will relieve some of the pressure on renters when faced with these situations, and give them more time to find an alternative if needed.”
The new law goes both ways, though. In addition to the changes for the landlord, the tenants are also required to give 21 days' notice before abandoning a short-term lease. This will serve leasing agents and property managers by extending the time they have to find a new tenant for their property.
What do you think about the change? It's hard to imagine this new law being anything other than positive. But we want to hear your thoughts! Sound off in the comments below!
