Short-term rental websites such as AirBNB, Booking.com, FlipKey, HomeAway, Homestay, House Trip, Roomorama, Tripping.com, Trivago, VBRO and VayStays have become an increasing concern for Michigan condominium and homeowner’s associations that are populated by full-time residents. The rise of short-term rental websites has led owners and
Tourism is a major part of the Michigan economy and its significance continues to grow. From 2010 through 2014 tourism employment growth even outpaced overall state employment growth. Further, for each month between 2015 and 2017, Michigan’s visitor occupancy rate has increased over the
Co-owners desire to rent units for a variety of reasons. By way of example, many co-owners desire to rent condominium units as they are underwater on the mortgage and cannot sell the unit, they inherited the unit, their job was relocated, the co-owner was required
As mentioned in our previous blog article, technological advancements have increased the ability of individuals to do short-term leasing, as opposed to the traditional long term, six-month or greater, leasing arrangement, in particular looking at the new phenomenon of Airbnb. Websites such as Airbnb, VRBO
Many condominium bylaws restrict or otherwise regulate a co-owner’s ability to lease the co-owner’s condominium unit. These restrictions are sometimes imposed as part of an effort to maintain property values, and sometimes to comply with the Federal Housing Administration’s Condominium Project Approval and Processing Guide
With the exception of vacation condominiums or condominium hotels, residential condominiums are created with the intention that the co-owners will be owner-occupants. However, the glut of foreclosures that occurred from 2007 to 2012 led many investors to purchase condominium units for rental purposes. Moreover, the
