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:

  1. Whether is ok to lease the unit or not
  2. When is ok to start leasing the unit (right away, or after one year)
  3. The term of leases allowed by the HOA (short term or long term)
  4. 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.

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