A Marketwatch article addresses the trend of limiting renters by Condo Associations. It also touches on the potential for litigation surrounding the implementation of the rule.
The restrictions are put in place to keep condo values high. Although most agree renters lower value, if their numbers get high enough they also make it much harder for buyers to get loans against units in the association.
Owners who can’t sell for the price often want to rent, even if it lowers their unit value further. A Portland Law Firm’s presentation on the topic even includes a slide called “Rental Restrictions: How to Best Create Dissension and Animosity in Your Homeowners Association”.
Implementation of a rental restriction bylaw is a large source of lawsuits against Condo Board Officers and the Association Itself. Contact AssociationProtection.com today to ensure your association is properly protected.