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.