Colorado Real Estate Investors – Should You Target Medical Marijuana Renters?

When you first became a Colorado real estate investor you probably didn’t think that there would be any discussion over renting to marijuana users. Alas, the day has come and although you decided that your average pot smoker isn’t your ideal tenant, there is a small group of them that you might want to consider – medical marijuana users.

Legal marijuana

Colorado Real Estate Investors - Should You Target Medical Marijuana Renters?There are a lot of people coming to Colorado in order to get legal marijuana for a loved one, or themselves, who need it for medical reasons. Many states still keep pot illegal for any use. This group isn’t usually your stereotypical pot user.

There are many conditions that are actually helped with the use, in whatever form, of marijuana. It relieves glaucoma issues. It helps cancer patients gain or maintain their weight when chemotherapy destroys their appetite. It helps patients with different seizure disorders. Whether they need it in pill form, smokable form or oils, many states don’t allow it as treatment for whatever their medical need. Colorado does.

So should you rent to them?

The answer is probably not an easy one. How can you navigate the state and federal disparity in legality, as well as all of the landlord tenant issues? If you choose to refuse to rent to a person who will actively be using the medical pot on your premises, there shouldn’t be an issue (anymore than if they were a smoker and you only rent to non-smokers). However, if their use is always done off of your property (such as at a doctor’s office or other place) refusing to rent would probably be a discriminatory issue. Most people, however, won’t be volunteering it, unless they ask about smoking in the property.

Benefit

What you might want to keep in mind is the perceived benefit you might just derive from specializing in leasing to medical marijuana patients. What is it? The image of the compassionate investor and landlord. That, my friend, can go a long way to getting you the best tenants.

Speak Your Mind

*