Why You Should be Judgmental of Short-Term Rentals
By Janice Avery, Community Association Manager, FirstService Residential
The Fourth of July, the Boston Marathon, Comic-Con Convention, the Super Bowl and even the Grateful Dead concerts are examples of events that cause metropolitan cities and urban communities to overflow with extra life and chaos. This is when hotels and bed-and-breakfast venues swell beyond capacity or become priced out of budget for some attendees. If you purchased a ticket to one of these events, you likely purchased the ticket months in advance and worried about making hotel arrangements later. If you’re lucky, you have a friend with a condo who lives close-by or know someone who has a timeshare you can borrow. Enter 2015 and the age of repurposed condominiums and townhomes.
What’s the Big Deal?
Urban landscapes place condominiums and townhomes geographically in the middle of where such events are held. Problems arise from the fact that their purpose is not matched to these needs due to restrictions in governing documents, security concerns, insurance risks, legal liabilities, and vehicular traffic and parking. Unfortunately, we are seeing a growing trend towards this type of misuse. If I own a one bedroom condominium unit in a large city that has spectacular views, surely I purchased the property for my own enjoyment; but if I travel frequently, I may consider making an arrangement to “rent” it. Sometimes, even short-term leases can help offset expenses; even better if I can make a huge profit. In this scenario, I’m doing myself a favor and because my focus might innocently be centered on the benefits of the arrangement, I may forget about my neighbor and their new baby,
48 | COMMON INTEREST®
A Publication of CAI-Illinois Chapter
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