Our condo association documents specifically state that permission must be requested in writing to the BOD to rent units and permission will be granted only if in compliance with "lender regulations" (generically speaking). What can the Board do if individuals rent without permission. The current ratio is 51.6% owner occupied so more rentals will affect future sales and refinances. The current fine assessment schedule is $50 per violation. But the larger issue is the potential for losing financing. The local Real Estate market and values are good to increasing in value. The larger factor is the desirability of one bedroom units and the rental market. If amendments are necessary, any recommendations for wording?
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