Why have Leasing Rules Changed at Lofts?

• Newly purchased, corporately held condominiums will not be allowed to Lease units at Lofts. 
• New 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 months before their unit can be Lease Eligible.
• All Unit regardless of when purchased: Accounts must be up to date, proof of insurance up to date and free of current violations before place on the waitlist.

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.

Units sold on or after April 16, 2025 Must Complete the Lease Eligibility Request Webform before marketing property. The Association will ensure all documentation is up to date, confirm purchase date, and ownership information- (the goal is to have this complete within 2. ) Your 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.

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.

Upon Approval, the unit owner account will be charged a $200 fee to cover administrative costs associated with approval onboarding your tenant

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. A renewal form is required annually on the anniversary of the prior lease’s end date. 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.  

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.