Hi, our governing documents allow us to charge a sublet fee - which we do, but we have kept it small @ $50 a month. Note – we have restricted subletting to 3 consecutive years out of every 5.
As a board member I find that absentee owners – those who either sublet, or those that allow family to move in under the provisions of our governing documents, are less active shareholders , less concerned, and often time and are not available during elections etc.
It’s a sad situation for us because we already have a large sponsor presence, so fewer purchasing shareholders occupying there apartments, the less leverage we have to drive building enhancements and improvements. We are hoping to remediate over time by encouraging purchasing shareholders to own and occupy their apartments – fees, restrictions, and assessments.
On a separate note – having shareholders perform maintenance functions is a creative solution to money troubles – but may invite further issues – such as potential litigation if someone gets hurt, and a lower quality end result. I suggest having an assessment which will raise funds for your complex in a uniform manner, and allow you to collect funds from owners that sublet – as most leases don’t allow sub letters rent to adjust to fees, assessments after its been signed. Just a thought or two... Good luck