Many condo associations and HOAs restrict renting to some extent. Is it legal for a condo association or HOA to allow renting, yet impose some or all of these rules:
- The minimum amount of rent you can charge is X.
- Criminal background checks must be performed (and the record must be clean).
- The renter's monthly income must be at least Y times the monthly rent. (In my experience Y=3 is the norm.)
- Minimum credit score?
I'm fairly certain any single owner can implement these rules if they wish, but I'm asking if an HOA or condo association can force every owner to implement these rules.
If the answer is "Yes, they can", then:
- How would they enforce it? It seems like the HOA would have to be able to request to see the tenant's credit report, background check, proof of income, and rent checks to make sure the rules are being followed.
- What is to stop the HOA from making the requirements arbitrarily high to effectively prevent renting? (Minimum credit score set to 850, for example.)