How Legalization of Marijuana Affects Rental Property Owners – Lakewood Management Education

It seems like everyone knows marijuana is legal in Colorado. Comedians joke about it. Television news reporters mention it, and visiting National Association of Residential Property Managers members know about it. They joke about this at our annual conference.

Colorado Marijuana Laws

Colorado voted to legalize medical marijuana in 2000, and recreational marijuana in 2012. Since then, our state and local governments have done a pretty good job of setting reasonable limits and regulations. They have addressed problems like impaired driving, limiting dispensaries near schools, and restricting pot smoking in public. While rental property owners may allow their properties to be used for marijuana usage, storage, cultivation, and sale, Colorado law also authorizes landlords to prohibit or regulate these activities on their properties if they wish.

Protecting Your Lakewood Property

One big problem for landlords is that under federal law, marijuana is still illegal, and it remains a Class 1 controlled substance. Our policy at Assured Management is to prohibit the use of marijuana in our properties unless the resident qualifies for reasonable accommodation under the federal housing laws. This is straightforward: we have a no smoking policy with our Lakewood tenants in order to minimize property damage and complaints from future residents. Allowing marijuana could contribute to damage from smoke and lead to the usage that evolves into a grow operation, hash oil production, or drug use and trafficking at the property.

Property Management Lakewood

While Assured Management cannot guarantee that illegal or destructive activities will never take place at your property, we do have procedures in place to quickly and efficiently deal with any problems. Our lease agreement is approved by attorneys who specialize in landlord-tenant law and specifically prohibits any criminal activity in the properties we manage. Our team knows what telltale signs to look for when visiting occupied properties, and we will quickly begin the lease violation eviction process if it becomes necessary. Anyone renting Lakewood property from us will understand the terms of the lease and the responsibilities that come with it.