What’s the Deal w/ Rental Restrictions?
What are Rental Restrictions?
Are you interested in purchasing a condo unit as an investment property? Many condominium buildings limit the number of units that may be rented out at any one time; these are called Rental Restrictions.
Rental restrictions are contained in the Declaration recorded at the county courthouse. In the Atlanta market, rentals are typically capped at either 20% or 25% of the total units in the building. Units are not allowed to be rented without the board of directors approval.
Why are these caps in place?
Rental caps are in place to protect the owner-occupied nature of the community, to protect property values, and to conform with underwriting requirements issued by many lenders. If being able to rent out your unit is important to you, then you should go ahead and apply for a rental permit in advance. Your property manager can give you an estimate of how many years (Yes! Years!) it may take for you to obtain a permit.
[su_note note_color=”#eeeeee”]If you are interested in purchasing a condo that you can rent without restrictions, give the Midtown Condo Experts at CityMax Realty a call today! Our seasoned agents can help you locate the home that meets all your requirements. 404-926-6027[/su_note]