Changes in interest on security deposits
The Boulder City Council gave preliminary approval to changing the interest paid on tenant security deposits. This must still pass the fourth reading at Council but indications are this will pass. If it does, the City will set an interest rate once a year. Landlords will have to pay interest based upon the rate in effect when they RECEIVE the security deposits. Many, if not all, software applications for property management will track this automatically.
Despite the high residential vacancy rates existing in Boulder and the north Metro area, the City of Boulder has approved hundreds of new residential units. This is an opposite tact to their proposals of previous years to limit growth in the city in order to offer better housing/jobs balance. (Dwellings, March 2004).
