Very curious if other associations have higher monthly fees for owners who have rented out their units.
For the background on this, our association is seeing more rental activity / investment properties over the last decade. 10 years ago, a unit or two may have been rented out during a gap period where an owner had moved and the condo had not sold yet. Over the last 5 years, we have had as high as 25% rental units, and recently I had heard from one of my neighbors who was renting and just moved out that she wanted to buy, but the owner was not interested in selling.
Over this same last decade, the rental units have had the highest incident rate among all the units, from over-occupancy, noise, cars on lawns, etc. As a smaller association, many of these unit owners are also absentee landlords, live farther away, and are not interested in serving on the board, etc., meaning there are fewer people to carry the load. There will always be those who just want to pay their dues and have things taken care of for them, but the reduction of owner-occupied units further diminishes the numbers.
Given that these units are income generating properties, it only seems logical that they be treated as commercial properties, have higher fees, as well as potentially do we need to require extra insurance to cover the association for risk / damage that may result.
Just real curious as to what other associations are doing in this regard.
Massachusetts
