Isn't paying HOA similar to paying rent?

You have it so wrong.. The extra money that is left over does not go into the pockets of the HOA board. It is placed in a reserve for things like New roofs, painting the exterior, parking lot, ground maintenance, spraying for pests, pool maintenance. The list goes on and on. What do you think would happen if the building needed a new roof that cost $100,000 and sent everyone a bill for $5,000 that must be paid by the end of the month, so they can pay the roofing contractor, how many people in your complex would not have the money to pay it.