Pasco HOA Takes Steps to Curb Rental Growth
In an effort to decrease short-term rentals, an 821-home HOA in Tampa, FL, has amended its governing documents to state that buyers cannot rent out their homes until they have lived in them for at least two years. While only 4% of the homes are corporate-owned rentals, they account for 25% of rule violations. Corporate rentals are hard to track down and do not maintain their properties to the same level as owner-occupied homeowners. A Redfin analysis shows that in the last quarter of 2021, investors, which can be any institution or business that purchases residential real estate, bought 18.4% of homes purchased in the U.S. Still, Tampa's percentage was even higher than that national number at 24.2%. It is also likely that investor purchases could increase this year due to mortgage rates coming down from last year's high. Let us know your thoughts on corporate-owned rentals by leaving us a comment.