RonaldB7
Posts: 1
Posts: 1
Posted:
Our Association is a Common Interest Community (Planned Community) in Minnesota. My question is this: Can the Assn limit the number of rentals in the Assn.??? We have 24 owner's and right now we have 7 rentals.
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Rental units in our Assn
Started by RonaldB7 • 4 replies • 1363 views
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JohnC46 (South Carolina)
Posts: 14,230
Posts: 14,230
Posted:
Ron
Typically such a major change (limit or eliminate rentals) may require 100% of owners to agree with. Could be tough to do.
Typically such a major change (limit or eliminate rentals) may require 100% of owners to agree with. Could be tough to do.
TimB4 (Virginia)
Posts: 20,986
Posts: 20,986
Posted:
Ronald,
Rental restrictions need to be within the CC&Rs to typically withstand a legal challenge.
The best restriction I have found is one that prevents renting the first x years after ownership (typically 1 or 2 years). This tends to keep investors out but allow those who need to rent to rent.
A proposed amendment might be:
Rental Restrictions - No unit/lot purchased after mm/dd/yyyy may be rented during the first x years of ownership.
This will likely get the most support as it doesn't prevent rentals of those who already own.
Rental restrictions need to be within the CC&Rs to typically withstand a legal challenge.
The best restriction I have found is one that prevents renting the first x years after ownership (typically 1 or 2 years). This tends to keep investors out but allow those who need to rent to rent.
A proposed amendment might be:
Rental Restrictions - No unit/lot purchased after mm/dd/yyyy may be rented during the first x years of ownership.
This will likely get the most support as it doesn't prevent rentals of those who already own.
DouglasK1 (Florida)
Posts: 2,038
Posts: 2,038
Posted:
To add on to what Tim said, the first step would be to read your CCRs and other documents to see if there is already a rental restriction defined that could be enforced.
Escaped former treasurer and director of a self managed association.
TimB4 (Virginia)
Posts: 20,986
Posts: 20,986
Posted:
Quote:
Posted By RonaldB7 on 10/13/2015 11:19 AM
My question is this: Can the Assn limit the number of rentals in the Assn.???
My question is this: Can the Assn limit the number of rentals in the Assn.???
The answer is yes, if it is done properly.
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