[vintageogauge]

I don't know about all of the southern villages but I do know for a fact there are streets, or sections of villages down here that do not allow rentals and this goes back to 2018 or 2019. As far as motivation since the prices started climbing on a monthly basis investors were buying up all of the villas, and I assume some designers too, leaving no inventory available for individuals wanting to own in TV which does not make for good advertising. There are still a lot of home styles not available or in short supply such as patio villas, 4 bedroom homes such as the Woodside and Ivy, they seem to be sold as soon as released. What they are really advertising is courtyard villas, there seems to be an abundance of those and they are even discounting them in several of the villages down here.

[Laker14]

Originally Posted by Bogie Shooter

Doubt if you would get a straight answer to #3 on here. How can anyone know what the Developer is thinking?

True, but we can speculate on what their agenda is.

Or, maybe someone who has recently purchased can share with us what they were told.
Or confirm or deny that this is even a practice.

There is no obligation for anyone to participate if they don't want to.

[Aqtlow]

The truth may be that the developers would like to be the only one to profit from there hard work. They have a neighborhoods full of rentals, and just watch how they flood the market with new houses driving resale price down, they are very smart and calculating people.

[lpkruege1]

Originally Posted by MrFlorida

I think it's a good idea, otherwise speculators would buy up houses and rent them out to people who have no stake in our community. That would drive our property values down, and ruin our hometown feel.

I actually bought my home 2 years before I retired down here. It worked out well for me. I had Reality Executives handle the rentals. I rented the house out about 4 months out of the year. That allowed me to come down here 2 weeks out of the year and make improvements. It also paid the bills for the 2 years while I rented it out. If I would have waited to buy, I'd be in the same situation a lot of people are in now. Not able to find a place and over paying for one if you can find one. As far as I know this is still America and still a free country.

[Papa_lecki]

I would not think the developer would want to limit rentals, it will result in less demand for their product (new houses) which will lower prices.

I wonder if there’s another reason. If anyone has the document you sign saying you can’t rent, the answer is probably there.
Are the houses you supposedly can not rent in a different city/town that maybe limits short term rentals?

[Red Rose]

There is a rental property on our street and the owner lives in another country. The house and the property are not taken care of properly.

[RobinM]

When we were considering buying new last October, we were told we could not rent it for one year after closing. As we ended up buying pre-owned, I never saw that in writing, though.

[Sandellew]

It’s accurate - I bought a home in Fenney in 2018 and signed an addendum to my contract that my home would never be rented. My understanding is that the developer keeps a certain number of zones rent free for owners who prefer to live in an established neighborhood versus a transient one.

[Pete Swanson]

Originally Posted by Laker14

On another thread a poster mentioned that when he/she bought a new property from the developer in one of the newer sections, they had to sign a contract that explained that the property could not be rented out.

I didn't want to hijack that thread with questions, so here goes.

1. Is that accurate?

2. When did they start that practice?

3. What would the developer's likely motivations be for such a covenant? Wouldn't it make the market for their homes more desirable if folks wanting to buy as an investment were also able to buy the new homes?

I'm not understanding this at all.

Many HOA's (approximately 70% of Floridians live under a HOA type governance) incorporate into their covenants a cap
of how many units can be rented at any given time. There's a good reason for this.

[GmaLisaG]

We just purchased two homes. Our primary residence is in citrus grove and a villa in Hawkins... my mother-in-law will live in the villa and I don't recall any form we signed about not being able to rent. If we did I missed it but our realtor knows eventually the villa could be a rental. Hope that helps. As for your 3rd question, if I'm wrong, they probably just want to ensure all properties are well-maintained like usually only owners would do. 😊

[Proveone]

Originally Posted by Laker14

On another thread a poster mentioned that when he/she bought a new property from the developer in one of the newer sections, they had to sign a contract that explained that the property could not be rented out.

I didn't want to hijack that thread with questions, so here goes.

1. Is that accurate?

2. When did they start that practice?

3. What would the developer's likely motivations be for such a covenant? Wouldn't it make the market for their homes more desirable if folks wanting to buy as an investment were also able to buy the new homes?

I'm not understanding this at all.

Hard to believe. It was probably the issue of not reselling a new house within the first year. Back in 2005, speculators were buying several homes, then turning around and reselling to make a profit.

[TeresaE]

It’s in the purchase and sales contract that you are not allowed to rent the house for one year. This came about because investors were buying up five and six new builds at a time and immediately turning them into rentals. That’s not in the spirit of The Villages.

[Normal]

We closed on a new build designer home in Citrus Grove in December about the same time as our neighbor. The neighbor has already gone back up North and there are tenants in the house. I know a realtor rental management team has taken over. We never signed any such document.

[jparsoneau@aol.com]

So I bought in the village of Saint Catherines one of the newer villages and we’re allowed to rent there. Fact mine has already been rented and it’s got a waiting list
For December January and February

[petsetc]

It would be very helpful (and maybe solve this issue) if someone who has recently closed could post a picture or .pdf of the covenant/addendum where the are not allowed to rent.