Condo bannning leases exceeding one year

I've never seen that. Many buildings are *minimum* 1 year leases. Since a condo has only a ROFR, it's not easy to get rid of bad tenants regardless of term.

We've discussed this on other threads; Keith had this issue in Florida and one of our buildings in Columbus is in this mode. I believe 30yrs posted about this before I encountered it IRL in discussing the increasing trend of some condo buildings acting like coops. Coops that don't have enough demand adopt condo rules; highly desirable condos adopt coop rules.

Are they banning tenancies in excess of a year or leases in excess of a year? I assume that the condo collects a fee on the lease, and may want to collect that fee annually. While I agree with George that it is very hard to exercise a ROFR or get rid of a bad tenant, requiring annual leases and disclosures at least provides some leverage. The single unit in our building that is leased on at least one occasion reflected false lessor information (i.e., a parent renting for their undisclosed NYU student child, despite its $9k/month rent).

I have seen buildings require that all new leases be exactly one year, and require annual renewal by the Board. I've not seen fees on the renewals. Feels like a way to make the building a little less popular with investors and tenants = more like a coop. Along with requiring tenants to submit a full coop purchase package in a condo building.

What can a condo do if the tenant is already in the apartment and the owner decides to extend it by 1 year as a result of undisclosed (to the condo board) side agreement? All the condo has it ROFR. They can screen tenants as much as they want but after 30 days have passed since the submission of rental application, the application is automatically approved. As far as the condo application being coop like, a condo rental/purchase applicaiton just needs to have all pages but don't have to be filled out like a coop's application.

What can a condo do if the tenant is already in the apartment and the owner decides to extend it by 1 year as a result of undisclosed (to the condo board) side agreement? All the condo has it ROFR. They can screen tenants as much as they want but after 30 days have passed since the submission of rental application, the application is automatically approved. As far as the condo application being coop like, a condo rental/purchase application just needs to have all pages but doesn't have to be filled out like a coop's application.

What do you mean "doesn't have to be filled out?" Meaning the tenant need not complete all the financial information - e.g. just declare one bank account and one source of income?

I've seen condo rental applications that are every bit as invasive as coop packets - demanding 6 letters of reference, bank letters of reference, a letter from your financial planner, several years of tax returns with all schedules, 3 months of statements of every account, 12 months of cancelled cheques from prior rentals, a recent appraisal of other real estate owned -- all printed and tabbed into 5 separate packets with the prescribed form of tab dividers. By making the process as hard as possible, they can constantly reset the 30 day clock by claiming something was missing or a tab was out of place. Or they want to tell owners not to even try renting their place because the Board will make it as hard as they possibly can.

Correct:
What do you mean "doesn't have to be filled out?" Meaning the tenant need not complete all the financial information - e.g. just declare one bank account and one source of income?

Reference letters can be 2 line each. For the purspose of condo application - You don't have any brokerage account or financial planner except say $100k in the bank and proof of sufficient income.

Board packager typically makes this very simple if used by the condo building.

The owner has to be willing to complain to the board loudly. Also, I believe the renter have some new rights under the laws passed in the last 4-5 years.

Got it. I'm going to have chatGPT write all my future reference letters and sign them with fake names.

Ha. Exactly.

Ha. Exactly.

Do condos sometimes require an annual fee paid by the owner or the renter?

Yes. Some also establish amenity or convenience fees (gym, storage, pet permit, whatever) that only apply to renters. It's the equivalent of local excise taxes on hotels and rental cars: a revenue source that benefits your constituents without directly costing them a dime.