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I am a condo board member and we are looking to add a sublet fee to the owners whom are subletting their units. We have a total of 32 units in which 21% are presently rentals. Our condo bylaws stat that the owner must live in the unit and cannot rent it out. We have consulted with an atty and we want to change our bylaws to allow sublet with a fee.
Questions
1. What would be a reasonable fee?
2. How do you convince the owners that this is a good idea or right thing to do
We have already mailed out a survey but only rec'd 50% of them returned. If we can't change bylaws, does this mean that we need to evict our tennis whom are renting?
Please advise
Thank you
Kim
Since a Condo has a Homeowners Association and collects a Homeowners fee, I presume, it would be according to how long the sublet is for and if it was approved by the Association?
If it was approved 10% of the yearly Homeowners Fee would be sufficient. That's what a Co-op does, 10%. You and the Association can set your own percentage, but it should be fair across the board for all.
It's not subletting when it's a condo.
By definition of law, it's renting. There's no proprietary lease, and the owner of a condo owns real estate.
Whether a condo association can legally forbid what by law is a single-family home from renting is questionable.
No, we don't want to forbid it ... just have them pay slightly more for common charges.
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Charging fees for subletting in condos will substantially lower the value of the units. This is because people buy condos to avoid the fees and rules of co-ops.
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