QUESTION: Rltr. John, I am offering my condo unit for rent. I am confused on my asking price. Should the asking price include the condo homeowners association fees?
ANSWER: The condo homeowners association is not part of the rent and should not be part of the asking price when you offer the unit for rent. The tenant, mandatory, pays it separately from the rent. The association fee is a payment for the tenant to enjoy the security, amenities, and janitorial services of the environment of the unit. Let me say it in simple logic. Only your unit is for rent. You cannot rent out the common areas. You cannot make money in renting out the common areas. So, that's why assoc fees are not part of the asking rent. Okay?
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