Can I rent out my condo unit on a short-term basis?

In New Jersey, it is legal to rent out your condo unit on a short-term basis, however, there are certain regulations that must be followed. These regulations are set forth in the “Condo Law” and are designed to protect both the tenant and the landlord. In order to rent out your condo unit, you must first obtain permission from the condo association or board. This permission will usually take the form of a written rental agreement. The rental agreement must contain all of the necessary terms and conditions including the amount of rent, the length of the rental period, a description of the unit, and any other such information. There may also be restrictions as to the number of persons that can occupy the unit at one time. Once you have obtained the necessary permission from the condo board, you must be sure to collect the rent payments on time and keep good records of the rental period. Additionally, you must be prepared to enforce the rental agreement if you believe that the tenant is not abiding by the rules and regulations. Finally, you should be aware that some municipalities restrict the amount of time that a unit can be rented on a short-term basis and may even require that you register your rental unit with the local government. As such, it is important to familiarize yourself with the applicable laws and regulations that govern short-term rentals in your area before you proceed with any rental agreements.

Related FAQs

Can I appeal decisions made by the condo board?
What happens if I breach my condo contract?
Am I allowed to install a security system in my condo unit?
Are there restrictions on how much I can charge for utilities in my condo unit?
Are there restrictions on how I can use a patio in a condo unit?
What are the restrictions on selling a condo unit in a condo complex?
Who is responsible for paying for repairs to shared areas in a condo complex?
What is the process for resolving conflicts between owners in a condo complex?
What is the process for collecting outstanding condo fees from delinquent owners?
What if an owner fails to maintain a unit in accordance with the condo rules?

Can I rent out my condo unit on a short-term basis?

Related FAQs

Related Blog Posts