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I don’t have any personal experiences to share, but I have heard that some condos only allow a certain percent of units to be rented out. You might want to check how easily you’ll be able to get approved Airbnb the unit if that’s the case :)
https://www.google.com/amp/s/www.ajc.com/news/atlanta-news/atlanta-delays-new-rules-for-airbnb-other-short-term-rentals/HDTLILUK2NHEPEW5LRABO3Z7FA/%3foutputType=amp
Adjacent to your question, but I would also keep an eye on legislation in ATL around short-term rentals and factor that into your decision. At one point they were trying to ban short-term rentals entirely but thankfully that didn’t pass.
Most condo associations (especially in Buckhead and Midtown) will either not allow any rentals or will allow only a certain percentage (~20% at any given time) to be rented out for long term rental only, with a ‘leasing permit’ issued by the association. Those allowing rentals do not allow short term rentals (i.e. Airbnb, VRBO, etc). They typically have a long wait list (several years) to get a leasing permit to officially rent out. Not all leasing permits are transferable in case the condo is sold so one should confirm with the seller’s agent or HOA.
Building on SC1’s comment. I’m on the HOA board of my small condo complex and we don’t allow rentals at all.
You’ll definitely need to check the bylaws of the HOA before putting an offer in.
Yes, short term rentals like Airbnbs, and longer term leases (12 months for example). Allowing rentals in a condominium complex lowers property values so ours chose not to allow it years ago.
Short-term rentals are under attack. Make sure your HOA explicitly allows them. If not, you may end up having to hire an attorney to fight to be grandfathered in, if they change the HOA rules.
Is Buckhead a big short term market? It seems far away from the things tourists come for, which are mostly sporting events and conferences downtown.
Wowww, thank you everyone!! Very very informative