You have the right to rent out your condominium – it does belong to you after all – but there are some rules associated with renting out a condo to a tenant.
You must notify the condo board of your intent to rent out your unit. After the tenancy starts you have 20 days to notify the condo corporation of the name of the tenants.
You condominium corporation can collect and hold the deposit for your unit rental if it is written in the bylaws. This can be used towards to repair or replace common property if your renter damages it. The condo board will consider their building more important than your unit, which makes sense from their point of view. Deposits cannot be larger that one month’s rent.
Ultimately, you as the owner are responsible for condo fees, but you can instruct the condo corporation to take a portion of the tenant’s rent to put towards the condo fees. The tenant can pay all or part of your condo fees for you if you want to make that arrangement. Your tenant will have to agree to this setup.
Your tenant must follow the bylaws just like anyone who lives in the building – owner, renter or guest. Be sure to give a copy of the bylaws to the tenant so that they are aware of the rules and regulations. If your tenant causes trouble or damage, you could be liable for any fines that result.
If your tenant contravenes the bylaws (breaks the rules), the condo board can evict your tenant or ask you to evict your tenant. Remember that you own the unit, but the common property belongs to everyone and the bylaws apply to anyone who enters the building. There are also regulations about renting a unit in the Residential Tenancies Act, but the Condominium Property Act supersedes the Residential Tenancies Act. Remember that the greater good of the condominium is more important than any one person living in the complex.
by +Alan F Macdonald REALTOR® | Copyright © – gimme-shelter.com