Trace Lofts is looking at a rental cap and we’re curious to know what other condo buildings are capped at. If you know please leave a comment (yes we could spend hours holed up in the library looking through the public condo docs but that seems like a lot of work.)
As well I’d be curious to get a survey of move in/out fees.
Let me start with the Meritage, there’s an 80% cap being discussed and the move in/out fee is $100.
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12 responses so far ↓
1 Dan L // Sep 4, 2008 at 12:33 pm
At Meridian there’s a 15% rental cap. Move in fee is $300, no move out fee.
2 Ryan Prins // Sep 4, 2008 at 12:53 pm
I believe that the rental cap for our building down in Eastlake is 6 units out of 36. There is a move in fee of I believe $150.
3 CameronRex // Sep 4, 2008 at 1:23 pm
If you or your fellow residents still has a relationship with their mortgage broker ask him/her what the local standard is. The percentage of rental units can effect whether or not a lender will loan on future resales.
The thought is that if a large percentage of the unit are non-owner occupied it is less likely a property is being adequately maintained.
4 IrisM // Sep 4, 2008 at 2:30 pm
At the Florentine there is a $400 move in/out fee plus a $500 refundable move in/out damage deposit. I just looked through the resale certificate and it doesn’t look like there is a cap.
5 Jason // Sep 4, 2008 at 2:34 pm
Word of mouth tells me most bldgs like to keep it around 15-20% at most.
6 EconE // Sep 4, 2008 at 6:13 pm
Not sure what the cap is here at 2200. I’m sure there are quite a few of us dirty, putrid, foul smelling renters however.
I heard the move-in fee was upped to $1000 after I moved in.
7 CG // Sep 6, 2008 at 9:38 pm
At the Highlander on Capitol Hill, rentals are capped at 15% (9 units out of 63), but we rarely come close to hitting the maximum level. I think there’s both move-in/move-out fees of $100. Also, each rental is subject to a 10% surcharge on the monthly dues. To discourage spec flips, new homeowners cannot rent their units for the first two years.
One policy I think needs to be changed is the permanent status of some of the non-resident homeowners serving as landlords, who have been renting their units continuously for 10 or 20 years. I think a maximum rental duration of no more than 5 years out of every 10 years sounds about right. Maybe to encourage shorter rental periods, escalating annual fees could be charged to the non-resident homeowner, say $200 for rental year two rental, $300 for rental year three, etc.
As a former lifelong renter, I find it ironic that I now wish to restrict them as neighbors in my condo. But it seems clear to me that renters are far less invested in the upkeep of the building than are homeowners, and as a result, strictly inforcing limits on subletting condo units are warranted to engender a more cohensive residential environment.
8 EconE // Sep 6, 2008 at 10:45 pm
NOT THIS RENTER CG!!!
For example. When I first moved in, I went to our lame-ass rec room to shoot a game of pool. The pool cues were not only missing tips, but EVERY one was warped. I never went back. A
few months later, the building manager asked if I would do him a favor and pick up some new tips for the cues. Being that I knew that they were all warped, I instead picked up for brand new cues.
I even picked up the tab. No big deal.
I used the workout room maybe 3x in the beginning but stopped as I didn’t want to be blamed for any damage…you know…being a renter and all.
I’ve never even seen the “Home Theater” room or used the “party room” although I did “see” it on my original “tour” through the building when I first arrived.
I don’t even wear shoes in my unit and make guests remove their shoes when visiting, including my elderly father.
On the flipside, my neighbor has chips in the paint all over her front door, leaves whole foods carts in the hallway and has left bags of trash in the little room that is between the elevator lobby area and the trash chute room.
A few days ago, there was even her whole foods cart with a bag of trash in the room.
How do I know it was her you might ask?
Well…the cart wheel imprints that led to her door were a pretty tell-tale sign. I use my little green whole foods bags myself and a handbasket in the store.
SO…what’s my point?
You’d be damn lucky to have ME as a renter in your building CG!
LOVE YA BABY!
9 EconE // Sep 6, 2008 at 10:49 pm
Oh…yeah….she’s a renter too.
10 Robyn // Sep 16, 2008 at 1:24 pm
OUr rental cap is 20% at Saybrook Condos in Kent. This now seems high and just after 1 year of being an association, it is already maxed out. The renters do n ot care as much and seem to be the bulk of the problem although I know there are good renters out there too. I think 15% would have been better for our community
11 justin // Nov 17, 2008 at 12:02 pm
My condo in Bellevue allows 20% to be rented out.
The issue we have is that all of these are very long term rentals, so we have a waiting list of 6 people that may never get to rent.
12 RA // Nov 17, 2008 at 8:35 pm
Ours is 20% but as Vice President of our community, I think that is too high. I THINK THE MAIN THING YOU FIGURE OUT IS…. WHAT IS CONSIDERED A RENTER???
In our pre-designed by-laws from our builder, its worded poorly so as long as a family member is the renter it dos not count. HOWEVER, even relatives dont care about the property as much as a homeowner so with this rule (which I hate) it still creates problems. I wish the rules to be changed to: “anyone other than the homeowner living in the unit is considered a rental.” That is something to consider. In my opinion 15-18% would be better.
What are the reasons for the move-in and move out fees? I dont get the reasonging behind it. Thanks,
RA
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