On November 15, 2013, Pamela Dittmer McKuen,Community Living reporter for the Chicago Tribune reported in an article titled "Associations seeking ways to accommodate renters" In part, she stated that:
"During the construction boom of the 1990s, developers levied few restrictions so as not to deter prospective buyers. They wrote governing documents that largely permitted leasing of the units.
A decade later, as associations became established, many decided to tighten the reins on non-owner occupants. They went through the detailed process of hiring attorneys to write declaration amendments that restricted or even banned renters.
Next came the real estate market crash of 2008. Owners lost jobs and home equity, and they couldn't pay their assessments or mortgages. Many went into foreclosure. When they petitioned for exceptions to rental restrictions, sympathetic associations amended their declarations again. Others tacitly allowed the rentals despite restrictions.
Today, property values remain depressed in many areas, and investors are scouting for bargains. Concerned about a possible influx of renters, associations once more are rethinking their positions toward them.
"The good news is, people who are renting condos are getting good rents," said real estate agent Connie Abels of Re/Max Edge in Chicago. "Even investors have to pay assessments. It's a much better alternative for the building to stay healthy to allow tenants, and the assessments get paid."
Are you thinking about renting your condo? If so, make sure you go about renting your property in the correct way. Bradford Miller Law can help with all your lease needs. We can draft, review and advise you from a legal standpoint. Bradford Miller Law has been helping landlords protect their assets for several years. Being a Chicago landlord law attorney, we have handled many situations that landlords come across therefore assuring that your lease will provide the protection you need. For practical counsel at a very reasonable rate in this complex area of law, please call 312-238-9298 for a free 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602
312-238-9298
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