A hot topic in homeowners associations is renting out your home in the neighborhood. The primary concern for homeowners is that too many rentals will lower the quality of the HOA community, causing broken rules, problems in the neighborhood, and safety issues. While some HOAs may restrict rentals completely, others set a rental cap. Most HOAs have a rental policy that can be found in the governing documents.
Short term rentals have become a hot-button issue in HOA communities. More and more homeowners are choosing to rent their homes through sites such as Airbnb or VRBO as a convenient, low-cost way to earn additional income; however, the popularity of short-term rentals is raising concerns in associations and even opening them up to liabilities.
Purchasing a home is a big deal, so when you do, you want to make sure it’s somewhere you can actually live. Just like in any neighborhood, living in a homeowners association has its pros and cons, but the positives outweigh the negatives. That being said, it’s good to consider both.
How many times have you been at an HOA board meeting and heard, "it's the renters who don't follow the HOA rules" or "our homeowner's association assessments are increasing because the renters don't care about our building and following the rules!"
Approximately 4 in 10 homes in suburban America are occupied by renters. If your unit is one of those homes—or about to become one—here are a few tips that will help you and your renters live harmoniously under the HOA Rules.