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Can condo homeowner’s association restrict rentals?

Loan risk, absentee owners raise concern

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DEAR BOB: I live in a nice condo homeowner's association of 230 units. Recently, some of the owners have begun renting their condos. The quality of the renters is "mixed." Most are very nice. Others are rowdy. As a result, the homeowner's association has begun a discussion about restricting rentals. We have information from several nearby condo complexes that restrict rentals. So far, only about 20 of our condos are rentals. Do you think we should take action? – Ray T. DEAR RAY: Yes. Ironically, the condo homeowner's association where I own a unit is having a similar discussion about restricting the number of rental units and the conditions for approving such rentals. Purchase Bob Bruss reports online. The big problem occurs when there are too many rentals in a condo complex. The quality of maintenance often declines because absentee owners usually vote against increases in monthly assessment fees to increase replacement reserves as the property ages. More important, mortgage...