What is a condo-apartment? A condo-apartment is a unit in a condo building that is rented with a one year rental term, or perhaps a month-to-month arrangement, or perhaps you rent it for only one night via Airbbn. By the way, plenty of Airbnb rentals in Dunwoody, maybe one on your street. I'm not aware of any city code restrictions. Perhaps someone on city council can provide some input on the topic. Other Georgia municipalities have recently enacted code to restrict Airbnb type rentals.
When developers mention
'condos' or 'town-homes', most folks assume owner-occupied. This is not
the case, and proposed condos at Perimeter could be 50% rental
units. A rental condo is the same as an apartment, regardless
of what developers and real estate 'professionals' tell you.
At the DHA meeting on
Sunday we had a man from the Manhattan tower in attendance. The
Manhattan is the very tall building next to Target, located in the Perimeter
area. The Manhattan allows for 25% of the condos to be rented. The
guy from the Manhattan is on the HOA there and he encouraged the DHA
board to consider supporting only new condo towers with lower than 25% rental units. He
implied that the few issues the HOA has at the Manhattan are from the renters. Currently there are many units for sale and rent there.
and why are condos rented? When an individual or business has debt,
they usually need to make payments on that debt. Payments require
cash. If a condo is empty, it is not bringing in cash. If you can't
sell a condo, you rent it. The housing recession impacted many condo
and HOA communities. Individual condo unit owners rent to a subtenant
and developers often rent out unsold units in new buildings until buyers
are found. You can read more about renters versus owners for condos at
many web sites. In summary, condo owners, condo managers, and condo
HOA's prefer owners over renters. The condo tower, like a traditional
single-family home, is a close community. Owners are more likely to
invest time and volunteer at the building, and in general, make better
neighbors, based on the 'research' conducted here at DunwoodyTalk.
to the renter versus owner-occupied issue. Just a month ago the DHA,
the city council, and other boards discussed the new town homes on
Dunwoody Village Parkway. The DHA supported a 10% limit on the number
of rental units. We don't believe the DHA should support anything that is multi-family due to Dunwoody's congestion and current/future inventory of multi-family units, but if it does, a 5% or 10% cap seems appropriate.
You can read more about condos and rental units HERE and HERE.
Sandy Springs continues to add more and more apartments.