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Article Courtesy of
Channel 6 Click Orlando
By
Amanda Castro
Published August 3, 2022
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WATCH VIDEO |
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ORANGE COUNTY – As more investment companies and individuals purchase homes
across Central Florida, an Orange County homeowner’s association is considering
a proposal that would restrict new property owners from renting their homes for
the first 13 months.
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Alvin Little remembers
moving into Waterford Lakes nearly three decades ago.
“I’ve been here since 1993. I’ve watched this community grow
into something really phenomenal,” Little said.
The east Orange County community has grown to 3,100 homes
made up of 25 individual neighborhoods. The community offers
residents several amenities, including a pool, pickle ball
courts and much more.
Little said he wants to protect the community while serving
as president of the Waterford Lakes Community Association.
He said the goal of the HOA is to maintain property values.
But a few months ago, he noticed a trend of companies and
individual investors purchasing properties to turn into
rentals and not taking care of the homes.
“We started seeing a lot more rentals and it was really hard
to get a hold of these people to find out who is maintaining
the property, who is doing this, who is paying the dues,
what’s going on,” Little said. |
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As more investment companies and individuals purchase
homes across Central Florida, an Orange County homeowner’s
association is considering a proposal that would restrict new
property owners from renting their homes for the first 13 months.
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According to real estate brokerage Redfin, investors purchased 25% of the homes
sold in metro Orlando during the first quarter of 2022. Orlando ranked in the
top 10 US metros for percentage of homes bought by investors.
As for Waterford Lakes, Matt Firestone, the general counsel for the Waterford
Lakes Community Association, said that led to some challenges.
“Didn’t have phone number, email, contact person and it was becoming a problem,”
Firestone said.
That is why the HOA is proposing an amendment that would restrict new property
owners from renting their homes for at least 13 months. The amendment would not
apply to current property owners who are renting their homes.
Firestone, who also represents other neighborhood associations, said this is all
about balancing property rights and home values.
“On the one hand we don’t want to infringe upon somebody’s right to rent the
property out if that’s how they want to make some income, but you have to
balance that against the interest of the neighborhood as a whole in making sure
the property’s maintained,” Firestone said.
Little also hopes this will level the playing field and give families a better
shot at purchasing homes instead of investors. He adds if this amendment passes,
he believes other communities could follow similar rental restrictions.
“If we restrict them, they’re going to (go) somewhere else, so other communities
will probably start looking at it and hopefully they’ll use us as a role model,”
Little said.
Firestone said if the amendment passes, anyone violating the rule will have to
pay half of the rent received to the HOA.
The neighborhoods are set to vote on the proposed amendment on Saturday, Aug. 6
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