[fb_button]The question of whether to rent your condo can be a difficult one for owners. The general opinion seems to be that renters will not keep the property in as good condition as owner-occupants would, but nonetheless, renting is not necessarily always a bad choice for owners.
The stigma around renting property has now become a part of the system, because banks now partially determine how “healthy” the property is by looking at the proportion of renters to owner-occupants in the building. Having too many rental units can literally affect the price of the property as a whole.
However, if your building has a healthy balance of renters and owner-occupants, there is no reason you should rule out the option of renting your condo. One thing is certain – choosing a great tenant is the first step towards renting success. The right property management company will screen potential tenants carefully, looking for a few key features: renters who are responsible, clean, amicable, and pay rent on time. Depending on your agreement with the condo management company, when the tenants move out, the company can do the sprucing up and maintenance, ensuring that your condo does not get run down as consecutive tenants move in and out.
You should make sure that the rent is set high enough to cover the monthly assessment payments (and that these are made on time), and that the tenants are made aware of all HOA regulations and expectations before they move in. If you do the above and instruct your condo management company to keep a close eye on potential tenant issues, there is no reason renting should devalue your property. In fact, some out-of-state owners choose to rent their condos just so that someone will live there and take care of the property – oftentimes, leaving a property completely empty is a worse option.[fb_button]