The first thing I would do is read the condominium bylaws to see if there are any existing rules owners have to follow before renting their condo. If there are no rules in place you need to bring your concerns to the board.
Here are a few rules I have seen in place by associations:
1) The board has to approve all renters.
The board generally wants 3 references from the potential renter as well as the application and credit report.
2) The board has move-in and move-out fees.
3) The bylaws require the owner to live in the condo for at least 1 year.
4) The bylaws limit the number of years any one condo can be rented.
5) The bylaws limit the total number of condos can be rentals. (Works in conjunction to number 4 to be fair to all owners.)
Remember when presenting changes to current bylaws to present them in a matter to show how the proposed rules will benefit all the condo owners.
Also when amending bylaws it would be prudent for the board to contact an attorney to make sure all the proper paperwork is filled currently and meet the guidelines of the Illinois Condominium Property Act and Common Interest Community Association Act.
Best of luck,
Even though there is no law preventing him from buying as many as he wants, future buyers may not be able to finance a purchse in a building that has 10% or more of the units owned by one entity. Depends on the lender and association decs/bylaws & rules/regs.
Sounds like the janitor is cleaning up (no pun intended) but maybe should be made aware of the possible non resale aspect due to too high of an interest owned.
Rusty A. Payton, Broker
5650 N Broadway
Chicago, Illinois 60660
Sohail A. Salahuddin | Group Founder
Innovative Property Consultants Group | Sales and Leasing
Jameson Sothebyâ€™s International Realty
425 W. North Ave. | Chicago, IL 60610 â€¨
O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030
"Locally Known, Globally Recognized"
A careful read of the by laws will let you know what limitations owners can place on rentals and non owner use of the units.
Senior VP of Mortgage Lending
I guess you could create a rule to prevent any one individual from owning more than a certain % of units, but check with an attorney on it.