What are my rights regarding a rent cap in my condo building?
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What are my rights regarding a rent cap in my condo building?
My condo building agreed to apply a 30% rental cap 7 months ago. However, the condo board has never officially changed the by-laws to file with the county. Is it correct that the rental cap is not effective until it is filed with the county? The building’s rental is already at 30% but I would like to rent my unit if I can do so legally. The board is saying I cannot because of the cap we agreed on. If I rent my unit, am I violating anything?
Asked on October 31, 2011 under Real Estate Law, Illinois
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Unless the "rent cap" that you are writing about has been officially approved in the by-laws of your association and recorded with the county recorder's office as a restriction upon all units in the complex you would not be in violation of the 30% rent cap at this time.
If you can rent your unit out now, I would do so before the "cap" takes effect. I also suggest that you might wish to consult with an attorney experienced in homeowner's association matters. Good question.
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