Short-term rentals (STRs), including those facilitated through websites like AirBNB and VRBO, continue to gain popularity, but does that mean they should be allowed in your Chicago condo association? Ultimately, the choice is up to each individual community in Illinois, but there are several factors to weigh when deciding whether to allow STRs in your HOA.
If, after careful consideration, your association determines it would like to restrict owners from leasing their units entirely or enact other limitations on the number of rentals allowed within the association, it’s generally recommended that the association amend the declaration to reflect the new rules rather than simply pass the rule by a board vote.
Enacting STR Restrictions in Your HOA
The Illinois Condominium Property Act (ICPA) gives individual condo associations wide latitude to create their own rules and restrictions when it comes to renting owner units. For example, some HOAs may place limits on the number of units that can be leased at any given time while others might restrict the number of times an owner can rent their property during a specified period.
If your association prefers to keep renters out, it’s imperative to have a clearly defined policy outlined in your governing documents. Clear documentation becomes especially important if the board needs to enforce any STR restrictions or finds itself facing litigation. To learn more about Chicago condo association’s rights and restrictions, contact us at First Community Management. We offer full-service management across the greater Chicago area to assist your association board and property owners.