How long does a property manager in Colorado have to return a security deposit after a lease has expired?

In Colorado, property managers are required to return a security deposit within 30 days after the lease has expired or the tenant has vacated the property, whichever is applicable. This timeframe is stipulated in the Colorado Revised Statutes concerning security deposits, ensuring that tenants have a reasonable period to receive their funds after fulfilling their lease obligations.

Returning the deposit within this requirement helps facilitate a smooth transition for tenants moving out and establishes clear expectations regarding the handling of their funds. The law also specifies that if any deductions are made from the security deposit for damages or unpaid rent, the property manager must provide an itemized list of those deductions along with the remaining balance of the deposit, all within the same 30-day period. This transparency is crucial in protecting both tenant and landlord rights.