If condominium board members are compiling a list of New Years’ resolutions, a commitment to staying on top of association collections should definitely be on it. This is always important, but it is likely to be especially important this year for three reasons:

Inflation is increasing the cost of major projects, which in turn will increase the size of the assessments on owners and the association loans required to pay for the projects. 

Inflation is also forcing some associations to increase common area fees, adding to the financial strain on owners who are already struggling with rising costs. 

Slower growth and economic uncertainty could boost unemployment, creating another risk for households and for condo associations.