The short-term rental phenomenon has transformed the way we travel. Websites like Airbnb and VRBO have allowed travelers to stay in more places and get an “in home” experience while they are there. While hotels can excel in luxury accommodations, short-term rentals can provide a personalized atmosphere that’s hard to beat.
There’s another side of the short-term rental craze. Homeowners associations (HOA) are finding themselves scrambling to keep up with members who are renting their units at a high rate. Some may ask, what’s the problem? Unfortunately, short-term rentals can present liability and safety concerns for properties. If a short-term tenant gets injured in a common area, an HOA may not be covered and could face a lawsuit. Short-term renters may also cause property damage and present a threat to other tenants and since they don’t live on the property, there’s less accountability.
The short-term rental trend is not going away, so it’s best to figure out how your community will address it. You can seek the guidance of Tampa HOA management companies, like Wise Property Management. Also consider the following tips:
- Does your documents address it?: Some communities had addressed short term rentals before the dawn of Airbnb. Now it’s time to review those documents and see if your policy is in keeping with the desires of the community.
- Poll your members: Ultimately, it comes down to what your members want. Poll them to see if they are for or against short-term rentals. Way out the pros and cons carefully. Short-term renting does have it’s benefits, but it has to be managed in order to be successful.
- Put restrictions in place: While short-term renting can be difficult to fully control, it can be managed. Rules can be placed on how a unit is rented ( a rule requiring the entire unit be rented for example) or the number of days it can be rented. You may also require identification for all short-term renters.
For information about Tampa HOA management, please call us at (813) 968-5665, or submit our proposal request form.