Moving to NYC

It's best not to look at co-ops unless absolutely necessary.

Sounds strange to me. I have always read that 85% of buildings in Manhattan are co-op, so that strategy limits you greatly. That said, I have rented 4 different apartments in the city and do not actually know if they were condos or co-ops.

#1 I'm going through the same thing and the broker I spoke with said renting from a co-op is as difficult as buying into the co-op. Good luck

OP, that's going to limit your options significantly. BTW, who is it "too much paper work" for? The broker or you?

It's not that it's too much paperwork, it's a very difficult process to rent a co-op. You have to do the same stuff you would if you were buying a co-op. It's not really worth it to you unless you are getting an incredible deal. You should stick with condos and strictly rental buildings, if you are unable to find something you like then maybe you could look at co-ops.

If you're renting for the short term she's probably right. I rented a coop and it was fine, but had to go through the application/approval process. Something to consider.

Call me a snob but I would prefer to rent in a co-op. Would agree that it might be a little more paperwork up front but you usually are getting a well run builing with decent neighbors. If this is for a family - do you want to be in a building with a bunch of "party animals" or other annoying types of neighbors? A co-op has stricter rules that might be more suitable for family living. I have lived in co-ops for almost 20 years and would not go any other way.

Another factor is:
A lot of co-ops restrict how long the owner is allowed to rent their apartment... so it's very likely you will be forced to move in < 1-2 years.

When some one presented that 85% of buildings are co-ops, he is talking about the buyers market NOT the renters market.

I would guess most renters are renting from pure rental buildings and a mix of condo-coops. And as someone said most coops have a restriction on the length of the lease or how long you can stay.

Before I bought I was never even shown a rental which was not in a pure rental building. . .

Be very clear about the laws for renting coops in NYC. If you feel you want a long term rental, coops are NOT the way to go. And yes, most of the rentals in NY are coops...very few condos and of course, apt rentals by private individuals. Renting in a coop is pretty much the same as buying a coop...you have to meet the strick criteria and it does entail a good amount of paperwork.

slman . . .you have left out the many pure rental buildings which I used to rent from and all my friends rent from. . .

The last time I checked, one does not have to apply for a mortgage to rent in a coop, so clearly it is not the same as buying. It certainly involves a bit more paperwork than a rental building, but depending on the situation and the OP's preferences, it might be worth it. To each his own.