Taking the right steps in the beginning , can mean a great long term tennant in your Austin HOA or Condo community. Approximately four in 10 homes in suburban America are occupied by renters, and that number is quickly on the rise. Austin is experiencing a spike in rental prices and will be over the next two years or so. As the real estate market corrects itself, more and more people will be renting our there suburban property. If your unit is one of those homes—or about to become one—here are a few tips that will help you, your renters, and your HOA or condo association. Talk to the HOA or Condo Manager The association manager can give you important information about what the association requires of owners and renters and tips about the rental process that will be very helpful, especially if you’re leasing for the first time. The manager has sample leases you can use and copies of the association rules to give to your tenants. Check the Documents Make sure you comply with the association’s governing documents—the bylaws and CC&Rs. They may contain special requirements for nonresident owners who lease their units. Educate Prospective Tenants Be sure to inform prospective renters about the special considerations of living in a community association before they sign a lease. The association will be happy to give you a copy of the rules to pass along. Use a Lease Addendum No doubt you’ll have your renters sign a lease. Please attach an addendum to your lease that covers the specifics of the community association and require renters to adhere to association rules. This is very important because it gives you and the association a means of enforcement. A good lease or lease addendum should support the community by:
- Requiring the tenant to obey the bylaws, rules, and regulations of the association. (Attach copies!)
- Requiring the tenant to pay fines for association rule violations.
- Requiring the tenant to vacate if community association regulations are repeatedly violated.
- Renter’s name (and children or roommates) and phone number.
- Renter’s email address, employer, or other pertinent details.
- Renter’s vehicle description and license plate numbers. This will allow us to provide parking information.
- The number and type of pets, if any.
- Your forwarding address and phone numbers.