Many condominium associations are experiencing an increase in the number of tenant-occupied units in their buildings. This is a result of owners who are unable to sell but must move, investors buying foreclosed units and delinquent units under association possession.
Board members in self-managing buildings may find it difficult to manage renters. One option may be to add a property manager requirement for rented units to the association's Rules & Regulations. This provides for a professional contact for the board when it comes to lease copies and enforcing Rules & Regs, and ensures that tenants won't be contacting the board regarding in-unit maintenance issues.