Colorado’s economy and future relies on the rental housing industry

Throughout the past several years, rental housing has been a target for partisan legislation that has increased rents and fees for middle class and working families, hampered the development of apartments in communities desperate for supply and chased away future investment.

While several lawmakers in the Colorado General Assembly continue to pursue regulations that negatively impact the rental housing industry, many are coming to the realization that these excessive regulations are ultimately harming the state’s economy, housing supply and the future of our state.

Rental housing is critical to the Colorado economy

Multifamily rental housing in Colorado is critical to the employment of hundreds of thousands of people across the state:

• Rental housing providers directly employ more than 10,000 Coloradans
• Rental housing contributes indirectly to more than 310,000 jobs in Colorado
• This includes jobs in construction, maintenance, electrical, plumbing and more
• Apartment construction alone contributes $3.3 billion annually to the Colorado economy

While some may picture this economic impact being driven by giant, national and global corporations, the rental housing providers can often be small business owners and individuals supporting their families with just a handful of properties. Small businesses also serve as a primary driver of growth in our economy – making these units even more valuable to their community and the state.

Colorado’s housing supply and economy is being stifled by excessive regulations

As housing demands have gone up exponentially across Colorado, many have turned to renting due to the rapidly growing cost of home ownership and persistently high interest rates.

To meet this increased demand, it is critical for communities across Colorado to increase supply. This is why new rental builds are important. Without these new apartments, the demand will not be met and the growth of our state and local economy will be limited.

While regions like the Denver Metro and Colorado Springs have seen tremendous development of new rental housing in recent years, a flurry of local and state regulations have shut down future investment in the years to come. Not only does this threaten to drive housing costs up even more for middle class and working families but the potential repercussions to the Colorado economy are devastating.

The Future of Colorado

As rental housing providers continue to be targeted by politicians seeking short-term headlines instead of long-term growth in Colorado’s housing supply and economy, it is critical for not just them – but the middle class and working families that will ultimately be harmed – to raise their concerns.

You can make a difference by contacting your local state senator and representative and telling them to focus on policies that increase the supply of rental housing, incentivize investment in our state and support the hundreds of thousands of jobs that are currently being threatened by excessive regulation.

Click here to see who your elected representatives in the Colorado General Assembly are and how you can contact them.