Rental Remedies Growing Numbers of Non-Owners Pose Challenges

Chris D’Errico has handled about 1,000 residential rentals in the Boston area since  2003. These days, more and more of his calls are from condominium owners.  Unable to find buyers for their homes, they’re turning to renting them. “It’s up about 50 percent from last year,” says D’Errico, the president of Greater Boston Properties in Winchester, Massachusetts.  “It’s a good thing.”

But what's been good business for D’Errico can mean headaches for condominium boards and associationsnot prepared to deal with an influx of renters.

Obviously, some tenants are model citizens who never speak above a whisper. But others don’t feel a similarsense of responsibility, which can be frustrating for unit owners living in the  same building.  

Once renters move in, condo boardscan find themselves facing a growing number of complaints about noise, damage to  common areas, and, in the worst cases, declining property values. But  fortunately, there are a variety of remedies for mitigating problems associated  with the growing tide of renters.

In order to maintain a harmonious environment – as well as protect members’ investments – “it’s importantto be proactive rather than reactive,” says Christine Monaghan, CPM, director of property management for Churchill & Banks Companies in Providence, Rhode Island.

Read More...

Related Articles

Removing a Condominium Owner

A Complex Legal Process

Homesharing in Co-ops, Condos and HOAs

What Concerns Boards–and How to Handle It

Commercial Tenants in Residential Buildings

The Neighbor Downstairs

 

2 Comments

  • I would like to connect with trustees from associations who have enacted rental restrictions. As a member of our board we are considering this and would like to hear about your experiences.
  • I see your question is 4 years old. Could you share with me the results of your rental restrictions. Our board is considering restrictions