Why have Leasing Rules Changed at Lofts?

Complete the Lease Eligibility Request Webform before marketing property. The Association will ensure all documentation is up to date and review current owner-occupant status within 5 business days- (the goal is to have this complete within 2. ) If Lofts has reached the Leasing cap, you will be informed and the unit will be placed on the Lease waitlist. Once a space is available, the Association will notify the homeowner with the highest Lease Waitlist Score that they may actively market their property as available to lease.

Lofts Lease Waitlist Score (LWS) factors in variables that are important to promoting fairness in the process as well as fostering community.  Factors considered include Time on Waitlist, Timeliness of payments, Length of ownership, and community involvement such as meeting attendance and participation in voting.

• Newly purchased, corporately held condominiums will not be allowed to Lease units at Lofts. Owners are allowed to lease a maximum of one unit, units held  by existing owners are exempt. However, units purchased after April 16, 2025 are subject to the rule.  
• New owners must wait 12 month before their unit can be Lease Eligible.
• Accounts must be up to date, proof of insurance up to date and free or current violations before place on the waitlist.

The owner with the highest LWS at the time of calculation is awarded the opportunity to Lease their Lease-Eligible Unit.  Owners with multiple units may market more than one unit but they can only lease a single space. Lease Eligibility is non transferrable. Each Lease-Eligible Unit has a 90 day Lease Eligibility Period  to Lease the Unit.   The Board reserves the right to grant extensions, provided proof of marketing and any extenuating circumstances.

Leasing or marketing a unit as available to lease without approval is a violation.  Marketing as well as engaging of short term rentals is also a violation.  Leasing violations are Type B and C Violations and may result in loss of the ability to enter the Lease waitlist  lease for up to 18 months.

Upon locating a tenant, a Lease application form shall be completed providing (1)a copy of a signed lease and (2) lease addendum including all requested tenant information (3) Proof of Credit score of at least 700 (4) Tenant phone number and email address. At the time of submission, the Account of the owner will be assessed $300 application fee. 

Homeowners can download copies of the lease addendum below along with a generic lease agreement if needed. 

As a lease nears its end, unit owners must renew the lease with the Association, update proof of insurance, and ensure compliance with any new rules. Month-to-month arrangements are allowed with board approval, and the Board must be notified within 7 days of a tenant’s permanent move-out. A renewal form is required annually on the anniversary of the prior lease’s end date.

As a lease nears its end, unit owners must renew the lease with the Association, update proof of required insurance, and ensure compliance with any new rules. Month-to-month arrangements are allowed after completion of a 6-12 month lease, but the Board must be notified within 7 days of a tenant’s permanent move-out. A renewal form is required annually on the anniversary of the prior lease’s end date.