Online third-party rentals have become quite popular in recent years. Many unit owners see these companies as an opportunity to bring in additional income by renting out their unit on a short-term basis, sometimes even just for a weekend. Most condominium communities do not want short-term rentals of units. Short-term rentals can reduce property values, impair the security of the community, cause headaches for rules enforcement, and negatively impact compliance with the Federal Housing Administration’s (FHA) Condominium Project Approval and Processing Guide, which requires at least 51 percent of the units to be occupied by the owner. The rise of Airbnb and similar online third-party rentals can create problems for condominium associations, but there are ways that associations can protect themselves. Read the article…………
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