Yes, in most instances. It will depend upon the CC & R’s of the community. Very few prohibit renting. They will have restrictions on either how many renters in a given year, or the duration of rental. If the home is in an age restrictive community, you must only rent to people who are a minimum of 55 years of age or more. Be sure to read the HOA rules first.
HOWEVER if you have purchased a new build from the builder you may have restrictions on its resale and or rental within a given period, usually one or two years. This clause was in your contract with the builder and was designed to prevent investors from purchasing homes for resale or rental in the community. If you did not purchase your home directly from the builder you do not have to be concerned about that clause only the CC &R’s.