Condo Rentals

As you consider all of your property renting options, you likely have come across condominiums for rent. Have you wondered whether you should take a look at some of these properties? Before you sign the lease, it might seem that condo rentals are no different from apartment rentals, but that's just not the case.

What You Need to Know About Condo Rentals

The major difference between a condo and an apartment is the existence of covenants, conditions and restrictions. These govern the rules of the complex, including who gets how many parking spaces and how decisions get made. CC&Rs are legally enforceable, so you'll want to make sure you get a copy from your landlord and follow the rules carefully. This will be in the landlord's best interest, because if you break any of the rules, he or she is the one who will be held responsible.

Read your lease carefully. In some cases, the lease agreement will stipulate that if you do not follow the CC&Rs, you'll be the one who has to pay any resulting fines. In an apartment building, there is a single landlord who owns the entire building and rents out all of the space. This is not the case with a condo building. Multiple people own the units within a condominium complex. A homeowner's association usually makes decisions about common areas, improvements and rules.

The problem, however, is that even though you live in the complex when you rent a condo, you're not considered the homeowner. Because of this distinction, you get no input or involvement in the meetings that set the rules and determine property uses and improvements. You might not even be welcome at the homeowner's association meetings, and so you won't necessarily know about rule changes and common area changes until you get a flier announcement. 

What to Ask About When Considering Condo Rentals

Before you sign the lease, make sure you get a copy of the CC&Rs, as well as answers to the following questions: Will you be able to "stand in" for the owner at the homeowner's association meetings? What are the parking rules, and how many spaces are you allotted? Who is responsible for repairs? Who is responsible for routine maintenance like shoveling snow? Are pets with minimal hassle allowed? All of these concerns need to be addressed before the lease is signed.

As long as you do your homework and know what you’re getting into, condos can be excellent rental options. Just make sure you understand the primary differences between leasing a condo and renting an apartment. Don’t forget to get all the answers to your questions before you close the deal.