Can the owner of a Condo or Co-op rent it out? if not then why not? what would prevent him? are there rules against this?
I'm thinking the owner of the building in which the Condo or Co-op is located will not allow this for many reasons I have no idea about. And also what about subletting? Plus this whole AirBNB controversy. is it true that it is illegal to rent out your apartment especially a rent controlled one? I can understand why that would be illegal and just WRONG but what if you used AirBNB or whatever other method and rented out your condo or co-op? As a novice to all this I would assume that it would be allowed but I suspect it is not.
- STEVEN FLv 76 years agoFavorite Answer
There is no LAW prohibiting the owner of a Condo from renting it out, beyond those that would prohibit the same owner from renting out a single family house. That said, the Condo Association CAN place restrictions on use of units, including limits on rentals. The example I actually know is that my Condo Association has a restriction limiting the number of rental units to 50% of the total units. This restriction is in place to comply with FHA lending requirements.
You need to consult a real estate attorney before renting out any property, and they should check the legal documents that created and govern your individual Condo or Co-op.