How do I Lease My Unit?
Step 1: Inform the Association of your Intention to Lease your Unit
Complete the Intention to Lease Webform. If Lofts has reached the Leasing cap, you will be informed and your unit will be placed on the Lease waitlist.
Association Calculates Lease Waitlist Score for Each Unit on the Waitlist
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 voting.
Lease Restrictions
- 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 this date are subject to the rule.
- New owners must wait 12 month before eligible to to submit Intention to Lease their Unit.
- Accounts must be up to date, proof of insurance up to date and free or current violations before place on the waitlist.
Lease-Eligible Unit and Eligibility Period
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 Violations
Leasing and 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 12 months.
Step 2: Lease Application and Application Fees
Upon locating a tenant, a Lease application form shall be completed providing a copy of a signed lease and lease addendum including all requested tenant information. Homeowners can download copies of the lease addendum below along with a generic lease agreement if needed.
At the time of submission, the Account of the owner will be assessed $500 application fee. The Association will conduct a criminal background check on the perspective tenant, review the homeowners submitted documents. Prospective tenants with felonies in the last 7 years, currently under probation or parole for a felony offense are subject to Board approval.
Step 3.-Lease Renewals
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, 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.
Step 3.-Lease Termination
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, 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.