|Last Quarterly Update:||2/27/2017|
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Organizations in this industry create and enforce restrictions on what homeowners can do with their property to maintain property values and the look and feel of a particular community. No major organizations dominate the industry.
About 330,000 homeowner associations (HOAs) operate in the US and generate about $65 billion in revenue, according to the Community Associations Institute. The institute estimates that owner associations encompass about 26 million housing units.
Demand is driven by construction of communities in which homeowners want to sustain property values through covenants, conditions, and restrictions. The viability of individual associations depends on efficient fee collections and cost controls. Larger associations may enjoy some economies of scale in contracting for services.
PRODUCTS, OPERATIONS & TECHNOLOGY
Homeowner associations (HOAs), which include condominium and co-op associations, provide services to homeowner members and enforce the covenants, conditions, and restrictions that members agree to when they buy a home in a condominium complex or single-family housing development. Restrictions may govern such things as home additions or reconstruction, fencing, landscaping, signs, pet ownership, and commercial use of property. Some associations have restrictions on home rental or resale.
Associations hire contractors to take care of condo roofs and such common areas as roads, land, and recreational facilities; provide security; and landscape and remove snow and trash. These services are often handled by a property management company.
Property owners may face fines or other penalties for breaking HOA rules. HOAs in ...
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