Tips for Renting Your Home in an HOA

Do you own a house in a neighborhood with a Homeowners Association (HOA)? An HOA comes with tons of benefits, from higher property values and financial stability to increased community pride. On the other hand, if you’re interested in renting your house, an HOA can add a layer of complexity. All HOAs will likely have rules about whether you can rent your home and the expectations you and your tenant will have if you rent out your property.

Check Your HOA’s Restrictions

Before you start exploring converting your home into a rental, there are a few questions to investigate about your HOA.

Does Your HOA Allow Rentals?

While most HOAs allow you to rent out your home, some may not permit it. Others may allow it, but with restrictions on the length of the rental. If you try to rent your home despite HOA regulations, you could face fines or, potentially, foreclosure.

Are Short-Term Rentals Allowed?

Many HOAs may prefer to avoid the hassle of short-term rentals. While they can be an appealing prospect for owners, they also tend to require extra maintenance. They also make it harder to maintain the standards that an HOA demands. Long-term rentals tend to be more stable, both for a neighborhood and a landlord.

What Are Your Responsibilities as a Landlord?

Renting a property in an HOA neighborhood means that you must consider your responsibilities to your HOA and the general duties of a landlord. Even when you no longer live at your property, you must still ensure your property meets your HOA guidelines. You can specify in your lease that tenants must maintain the yard to a certain standard and pay HOA fees. You could also take on those duties yourself. Either way, your HOA will expect your property to be kept in acceptable condition by the association’s standards.

What HOA Benefits Are Tenants Entitled To?

In some HOAs, your tenants may be able to reap the benefits that residents who own property in the neighborhood are entitled to. Most HOAs will not allow tenants to participate in neighborhood votes, but often shared amenities are on the table. These might include access to a pool, shared park, exercise area, and the ability to keep pets. Perks like these can be highly appealing to prospective renters. So, if you confirm those benefits are available, you should market them in your listing.

Does Your HOA Work With a Specific Property Manager?

Many HOAs will insist that you use a property manager to ensure a universal standard of maintenance and repairs. Some HOAs may have a property manager on retainer, and if that’s the case, you’ll want to do your research. Is the property management company well-rated? Do tenants and owners seem happy with the services they offer? If you call their office, is it easy to talk to a real person rather than an answering machine? If the property management company seems like a bad fit, you may want to reconsider whether it’s worth renting. At the end of the day, working with a quality property management company can make the difference between a successful investment and a stressful nightmare.

HOAs Offer Many Benefits and Some Drawbacks

Being part of an HOA can be a blessing or a curse for owners looking to rent their homes. In some cases, an HOA might impede your attempts to rent your home from the get-go. In others, you may need to follow restrictive protocols in order to meet your HOA’s regulations. However, in the best-case scenario, you’ll be able to move forward with renting out your property with the blessing of your HOA and offer your future tenants several fantastic benefits as a result.

After thoroughly checking all regulations, the key to renting your home in an HOA is to draw up a lease that clarifies what duties will fall to the tenant and what will fall to the owner. To avoid fines for improper upkeep of your property, you’ll need to clarify what duties your tenants must undertake. Also detail the proper time frame and the penalties if they do not. Be upfront with your tenants about any HOA fees they may incur if they don’t keep up with this maintenance. However, keep in mind that you could get in trouble yourself if your tenants don’t comply with the HOA rules.

With a clearly-worded lease and a forthright attitude, you and your tenants can reap the benefits of renting your home in an HOA. As in most situations, one of the best ways to ensure a good experience as a landlord is to make sure you find the best tenants to work with. However, screening tenants can be time-consuming and complicated, especially in periods of high turnover. Working with a property management company is a great option for new owners looking to rent their property without the drawbacks and stumbling blocks that all landlords face.

Work With Portland’s Trusted Property Management Company

One of the most important aspects of renting your home in an HOA is making sure that maintenance and repairs are taken care of promptly. Rent Homes Portland by Darla Andrew can assist with those important (and stressful) management details, with our 48-hour maintenance guarantee, 24/7 emergency service, and annual inspections to catch repair issues before they begin.

We also handle the tiresome administrative tasks such as tenant screening, lease agreements, and keeping your property in line with Oregon’s legislation. Property owners who work with our dedicated team can expect a stress-free renting experience and see more profit than self-managing owners. We’re happy to conduct a free rental analysis of your property so you can get a sense of what your home might list for; simply fill out the form on our website. With our quality management practices, you can rest assured your investment is in top shape, helping you make your ROI.

If you’re ready to rent your home, we’re here to help turn it into an investment in the future. To learn more, you can call or text Darla directly at (503) 515-3170 or reach out through our website, and we’ll get back to you right away. We look forward to chatting!