Some of the largest landlords in Aspen have elected to increase the rent of hundreds of local residents this year, and many of those renters are suffering economically due to the COVID-19 crisis.
At the Centennial rental apartment complex, where there are 148 units, rents were increased as much as 3% for some renters, which is nearly a $650 annual increase.
However, Andrew Held, president and chief operating officer of Birge & Held, which acquired Centennial last March, said the average increase amounts to $24 a month.
Centennial’s rental increase formula is tied to the Denver Consumer Price Index, and was done in compliance with the existing rental restriction agreement and ultimately required by Birge & Held’s lender underwriting, according to Held.