How to Crash Property Values in an HOA!
What if your HOA suddenly passed a rule that no member could ever convert his home to a rental?
Homeowners rent out their homes for many legitimate reasons: to stall for time until sales values go back up; to bring in some money while Dad’s is relocating to a job out of state. Some parents invest in homes near a college so a child can decrease living expenses by taking in a roommate.
Poorly maintained rental property certainly brings down values of nearby homes. But well-maintained rentals harm no one.
So, what’s the harm in outlawing non-owner occupancies?