With the exception of vacation condominiums or condominium hotels, residential condominiums are created with the intention that the co-owners will be owner occupants. However, the glut of foreclosures that occurred from 2007 to 2012 led many investors to purchase condominium units for rental purposes. Moreover, the recovery of the housing market has also led many co-owners to move and rent their units. Accordingly, the growing number of rentals in condominiums has made “rental caps” a hot topic for many condominium associations. Read more……….
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