What are some of the common rental restrictions?
When buying property in a condominium or community with an HOA, there are usually restrictions and covenants that new owners must agree before purchase. Rental restrictions usually cover 4 things:
- Whether is ok to lease the unit or not
- When is ok to start leasing the unit (right away, or after one year)
- The term of leases allowed by the HOA (short term or long term)
- The maximum number of leases allowed every 12 months
Some of the common ways to describe rental restrictions in listings are:
- OK to Lease (OK2L, No-Restriction): The property is ok to be leased/rented without restrictions from day one.
- OK to Lease (1 Year): The property is ok to be leased/rented after 1 year of ownership.
- No-Lease: This property cannot be leased. The HOA only accepts owner occupied units.
- Long Term Lease Only / Min-6-months / No-Short Term: This property allows rentals but only long term rentals.