NYC co-ops are different from condos. When you own a co-op, you do not own the physical apartment but instead you own shares in a corporation and you receive a proprietary lease on the unit. When you rent a co-op, you are subletting the apartment from the shareholder who holds the lease. Here are some questions to ask yourself when planning on renting a co-op.
When subletting, check the building’s sublet policy. It may put restrictions on how long you can stay at the apartment. The rules vary by building but most buildings allow sublets for a maximum of 2 years. If you want to stay in an apartment for longer, renting a co-op might not be best.
Be prepared to fill out an application for the co-op board and to interview with them, if you are looking to sublet in a co-op. If you sublet a condo, you just need to pass a basic credit check and verify your income.
Rules can be quite strict in a co-op building. The rules can focus on noise levels, pets, and other things that ensure a quiet living situation. There are also overall policies of the building and these can change if the board wants to change them. These potential changes can be about the sublet policy and then you might not be able to keep renting the unit.
There will be additional fees that you need to pay to the co-op. These fees may include a move-in, move-out or an application fee. Co-ops may require that the owner pay additional maintenance if there is a sublettor. Most times, this fee is included in your rent but if the fees change, the owner may try to increase your rent to include the additional fee. Ask if the building charges extra fees for sublets.
Make sure to ask about the pet policy of the co-op. Most co-ops have a pet policy in place and these policies are specific about the size or weight and the number of pets per unit. Sometimes, the board will ask to meet your pet. The majority of co-ops just ask that a form be filled out saying that your pet is vaccinated and meets the building requirements. Double check that the pet rules apply to sublettors.
All Area Realty Services is New York City’s leading real estate management company specializing in full-service property management for cooperative and condominium boards in the Manhattan area.