GREENWOOD, Ind. (AP) - Homeowners associations across Indiana are restricting rental properties after a wave of purchases by investors.
Purchases by companies including American Homes 4 Rent have contributed to a 19 percent increase in sales of existing homes over the past year. But the investors are putting some of the houses back on the market amid issues with homeowner groups.
Indianapolis attorney Scott Tanner tells the Daily Journal that many associations are banning or restricting rental homes because of fear that renters won't take care of properties.
Restrictions can include banning rentals except in cases of financial hardship, requiring people to live in the houses for two to five years before renting them out and limiting the number of houses in a neighborhood that can be rented.
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