Summer is around the corner, and a Florida condo owner wants to spend two or three months out of state with extended family. They’re thinking about renting out their home to bring in some extra money while they’re gone.
It’s a good idea – as long as they check with the homeowners association before putting that rental ad online.
When they bought their place, owners were provided with the rules for the HOA. And more than likely, those regulations addressed renting out the property.
Homeowners associations have the right to set regulations regarding the renting or leasing of homes in the community. They can limit how many units in the development can be rented out, ban leasing altogether or place time limits.
It common to see some or all of the following regulations:
- A limit on how many times a unit can be rented each year. Once or twice a year is common.
- A minimum time for a rental or lease, such as 60 days.
- A limit on how many units per development can be rented. If an owner wants to rent out a unit and the community already is at the limit, they will be put on a waiting list until another owner stops renting their unit.
- A minimum length of time a until must be owner-occupied before it can be rented.
HOAs set such rules for the good of the community, but they can’t be changed randomly without informing the owners and holding public meetings to allow for input. People choose a home in a condominium community for a number of reasons – safety, convenience, the ability to maintain property values among them.
HOA boards can’t set policies regarding rentals that interfere with the property rights of homeowners and must prove the rules are there to protect the community. Sometimes, however, these regulations cause a dispute between owners and the HOA
Any homeowners association board members who that want to modify the community’s regulations regarding rentals – or any topic – should consult with a real estate attorney to verify the legality of such a change.
