A Letter from Brandon Scholten, CEO of Keyrenter Denver
As we close out 2024, I want to take a moment to reflect on this year’s rental market and the remarkable journey we’ve experienced together. Like many across the country, the Denver rental market saw significant shifts that tested landlords, tenants, and property managers alike. Increased housing supply in the multi-family sector and shifting renter demand caused rental prices to soften in certain areas. At the same time, single-family rentals remained a strong option as tenants prioritized space, stability, and suburban living.
Legislation Dominated the Rental Market Conversation
Overlaying these market dynamics were the continued waves of legislative changes. In 2023, we navigated the challenges of nine new rental laws that reshaped Colorado’s rental industry. This year, lawmakers enacted an additional 13 significant laws, some of which we’ve covered in our blog—each requiring swift adaptation and careful implementation to ensure compliance. The rental landscape has never been more complex for property owners, from new regulations governing lease renewals and eviction procedures to expanded tenant protections under habitability standards.
Among the most impactful changes is a mandate requiring landlords to offer lease renewals in nearly all circumstances, even when tenants have had prior lease violations. Non-renewal is now permissible only in specific scenarios, such as:
- If the owner is selling the property,
- If the owner or family member plans to move into the property,
- If the property requires substantial renovations,
- If the eviction process has been initiated three times during the lease term, or
- If the tenant refuses to sign a reasonable lease renewal.
Even in these rare cases, landlords must provide tenants with 90 days’ notice of non-renewal—a significant change from prior standards.
Another notable requirement expands the definition of habitability concerns. If a repair is deemed a habitability issue and cannot be resolved immediately, landlords must place the tenant in a hotel at their own expense. The hotel must meet specific conditions, including proximity to the rental home and providing the same number of beds. Additionally, landlords are now responsible for covering a daily food stipend for displaced tenants.
The legislation also introduced significant financial burdens tied to eviction proceedings. Landlords must now contribute to a state fund when filing for an eviction, with this fund being used to provide free legal services for tenants. Furthermore, tenants can now respond to eviction claims without paying any filing fees, making it easier to contest evictions.
Finally, landlords are now required to pay for any property modifications requested by tenants with disabilities. Previously, such modifications were typically the tenant’s financial responsibility.
We understand how overwhelming these changes can feel, especially given the rapid pace at which they have been introduced. As one Colorado real estate attorney recently noted, “It is virtually impossible for landlords to comply with all of the requirements in these bills…”
At Keyrenter Denver, we take these challenges seriously. Through detailed analysis, collaboration with legal counsel, and swift operational changes, we have ensured that every property under our care remains legally compliant and fully protected. Our proactive approach allows us to manage these complexities for you, so you can rest easy knowing your investment is safeguarded in this ever-evolving environment.
By staying ahead of the curve, we continue to prioritize your peace of mind—handling the details while you enjoy the benefits of property ownership.
2024 for Keyrenter
And yet, despite these challenges, 2024 has been a strong year for Keyrenter Denver. We celebrated our biggest year of growth in our nearly ten-year history. More owners entrusted us with their properties than ever before, and more tenants experienced the peace of mind that comes from living in a well-managed home. This success is a reflection of the strength of our systems, the dedication of our team, and the trust of our clients.
While the year brought its share of hurdles, it also underscored a simple truth: when property management is done right—with transparency, care, and proactive action—it benefits everyone involved. At Keyrenter Denver, we’ve proven that even in challenging times, stability and growth are possible with the right partner.
As we look ahead to 2025, I’m excited to share what we see on the horizon and how we’re preparing to ensure your property continues to thrive.
Looking Forward to 2025:
As we step into 2025, we anticipate another year of measured challenges and opportunities for property owners across Denver. With the substantial legislative changes enacted in 2024, it’s likely that additional rental policies—including conversations around rent control—will surface in the coming year. Staying ahead of these changes will require flexibility, foresight, and proactive strategies to keep your investment protected and profitable.
From a market perspective, we expect rental demand to remain steady but segmented, driven by both location and property type. Single-family homes in suburban neighborhoods continue to be the strongest performers as tenants prioritize space and long-term stability. In contrast, multi-family units, particularly in downtown areas, face slower demand, leading to competitive pricing and increased incentives to fill vacancies. This means that while overall rents may remain flat, owners can position themselves successfully by prioritizing quality tenants and minimizing turnover expenses.
At the same time, costs associated with property ownership—maintenance, taxes, and insurance—are likely to see continued, albeit more moderate, increases. These pressures highlight the importance of efficient management, tenant retention, and smart cost controls in navigating the year ahead.
Keyrenter’s 2025 Strategy:
While the market adjusts to a more normalized pace, we remain committed to delivering results through strategies that prioritize both profitability and peace of mind:
- Enhancing Tenant Retention
Reducing tenant turnover is one of the most effective ways to protect your bottom line. In 2024, over 72% of Keyrenter tenants renewed their leases, which was up from 62% in 2023, saving our owners thousands in vacancy and turnover costs. We know that happy tenants are long-term tenants, and we’ll continue to make tenant retention a cornerstone of our strategy in 2025.
- Minimizing Vacancy Periods
For properties that do experience turnover, we are focused on minimizing downtime between tenants. We saw our vacancy days increase from 2023, which was not what we were hoping to see. We are committed to turning this around in 2025.
- Controlling Maintenance and Operational Costs
Our goal is between our network of in-house and third-party vendors, we negotiate the best possible pricing without sacrificing quality. Each year, we try to improve our ability to review vendor performance to ensure you’re receiving timely, cost-effective service. I also believe there is room for us to get better at preventative maintenance schedules for our clients, and that will be a focus for us in 2025.
- Exploring Mid-Term Rentals
One of the biggest conversations in the rental industry this year has been the rise of mid-term rentals—leases typically ranging from 1 to 6 months, catering to traveling professionals, medical staff, digital nomads, and families in transition. In today’s market, mid-term rentals provide a unique opportunity for property owners to maximize income and reduce vacancy while meeting the growing demand for flexible housing options. With traditional long-term rentals facing softer demand and short-term vacation rentals experiencing volatility, mid-term rentals strike the perfect balance: higher rental income than standard leases and fewer turnovers compared to short-term stays. At Keyrenter Denver, we’re excited to officially enter this market and offer comprehensive mid-term rental services, including marketing, tenant placement, and management. By diversifying your rental strategy, we can help you take advantage of this emerging trend and position your property for success in a changing market.
In Closing
As I reflect on this past year, I am reminded of how fortunate we are to serve such a dedicated community of property owners, tenants, and industry partners. To our clients—thank you for trusting Keyrenter Denver to care for your investments and your tenants. Your confidence in us drives everything we do, and it’s a privilege to work alongside you in protecting and growing your properties.
To our partners, vendors, and team members—your expertise, hard work, and shared commitment to excellence have been instrumental in navigating the challenges of this year. The relationships we’ve built together not only ensure our clients’ success but also strengthen the foundation of our local real estate community.
And to the real estate investors who continue to see the opportunity in this ever-changing market—your vision, resilience, and commitment inspire us daily. Real estate has always been a long game, and we are honored to be your partner as you build and protect wealth for the future.
On behalf of the entire Keyrenter Denver team, I want to express my deepest gratitude for your trust, collaboration, and partnership. I look forward to continuing this journey with you in 2025, as we work to ensure your investments remain a source of confidence, stability, and peace of mind.
Wishing you and your families a joyful holiday season and a prosperous New Year.
Brandon Scholten
CEO, Keyrenter Denver