At Hales Property Management, we manage owner-occupied buildings, which is a whole other ballgame from the types of buildings that are owned specifically for rental purposes. Owner-occupied buildings usually have a limit on the percentage of units that can be rented. These buildings have the flexibility to let an owner to rent out his or her unit if they have to, but they don’t necessarily want all owners to make a practice of doing this.
Why is this the case? As soon as some percentage of owners begin to live in the building, they may not be excited to share their building with residents who may not be as committed to the long term health of the building as them. Also, not everyone likes to see new faces in their building all the time. It’s interesting that buildings tend to lean heavily to one side or another: either owner-occupied or all-rental, and there are very few truly mixed-use buildings.
First, check your building’s rulebook to see what the rental policy is. This will determine how to proceed and what you need to know.
Looking to rent out your condo? Hales can help! Get started here.