CHANGE IN OCCUPANCY Almost every party invitation
R.S.V.P.
comes with a request to RSVP. RSVP is an abbreviation for the French phrase “Respondez S’il Vous Plait.” In English, RSVP essentially stands for “Reply Please!” If you’ve received any invitation that includes an RSVP notation, you’re being asked to respond and let your hosts know whether or not you are able to attend the event. Sometimes we use the initials as a verb, as in “Have you RSVP’d yet?” Buying into a community association requires some variables on the RSVP concept. Before purchasing your unit, “Inquire Please” before saying yes to the purchase party.
If you are in the market for a new home for your family, would you purchase a unit in a condominium or homeowner association where 3 out of every 4 units are occupied by renters? The answer is likely no, but do you have all the facts about condominium leasing to make an educated decision? Have you formed an opinion as to whether all renters violate rules and disrespect communities? If rentals are allowed in the governing documents, what policies are in place to regulate rentals? Do renters or high rental concentrations lower property values? Knowing today’s market trends can help you navigate your purchasing decision with confidence.
A frequently voiced concern is how non-owners treat a unit or building. Why would renters care about the property when they are only paying monthly rent? If there is no equity concern, why would carpet stains be a bother to a renter? Rental rates are the highest they have been in years; an average one bedroom apartment rent increased over 15% in the past year. With limited inventory of available units during key rental periods, renters have a greater incentive to be a model tenant. Let’s face it. Are condominium owners going to renew leases for tenants who damage property, have loud parties or violate the rules? In the past decade, owners may have felt lucky to have their unit occupied; however, this is not the case in 2016’s competitive market. Owners can readily find new top-quality tenants who pay
down the chute, do they truly down the chute, do they truly
want to make the hallway smell like leftover sushi or are they unfamiliar with using a trash chute system? Common sense is not always so common. Instead of treating these issues as violations and issuing fines, many associations have adopted a practice of scheduling an orientation session with each new occupant of the property. A bit of preventative maintenance and education up front can lend to a more respectful tenancy period. During this orientation session, the board of directors or authorized agent (Community Manager) meets with all new residents prior to move-in to discuss the association’s Rules and
premium rents. Using a licensed agent to list the unit helps ensure that tenants are paying more than the last renewal period.
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bags in the chute rooms instead of dropping them
On a day-to-day basis, it is easy to assume that owners and renters do not care for a property to the same degree. Yet, although a rental unit may not be a long-term home for some, most residents of a property, owners and renters, treat their homes with respect. If renters leave trash bags in the chute rooms instead of dropping them
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12 | COMMON INTEREST®
A Publication of CAI-Illinois Chapter
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