Typical Condominium Rental Application Fees?

When renting a condo it is very normal to incur board fees. Your renter should also expect to go through some kind of board approval. Unfortunately an average renter would be overwhelmed with the idea of having to incur some many fees and a board approval process. What usually helps is getting a professional RE agent that would guide all renters through the process. In essence the agent will handle the whole process relieving the potential renter of going through such rigorous process alone. The knowledge an agent brings absorbs all the hassle of putting together a board package alone. If you need any assistance do not hesitate to call me at 917 774 1647 or email me at otoomer@tregny.com.
Omari

seems like a lot of fees.
Here's what we paid when we reneted a condo:
- lease fee $250 to write up the lease (i.e. to cut and paste) and do the credit check.
- elevator fee for move-in $250
- building damage deposit $250 (refundable)
- no property manager application fee.
All in - $500 once you are refunded the deamage deposit.

excuse the typos

aifamm, I agree with cmtsuk, $2000 in board fees seems excessive to me as well. As a broker, having experienced such instances with other buildings, i will tell you that it makes marketing the property a good deal more difficult, and that you might want to consider asking less rent, or covering some of the fees on behalf of the tenant. Unless of course your property is truly unique and a "gem", in which case many will be willing to cover it for the right to live in your property.Either way, you should definitely make sure to inform any potential applicant of it in advance, or run the rist of people thinking you are trying to pull something over on them. Hope that helps.

I would have to say that it totally depends on the building. A client of mine was recently interested in renting an aparment with 1700 in condo fees. I do agree with Daniel when he writes the full disclosure is required when doign such a transaction. At the end of the day it would only make sense if the tenant plans on stayin in the apartment for more than a year. Other wise all those fees will discourage potential renters. I would assume that the building and apartment are both amazing which would warrant such a fee. Otherwise it would be a bit exorbitant.

Thanks for the feedback. It seemed a bit high to me. Is there any recourse to attempt to lower these fees? Are there rules that govern what fees are allowable?

I signed a 1 year lease to rent a condo in a luxury building. I had to pay about 1500 for the condo board application, processing, and such fees. Does anyone know- when the lease is up.. do I have to go through the entire condo board application/fees procedure again?

I paid an eggregious 5000- refundable move-in deposit. Other than that, there was like 750- in fees (credit + lease app). But, next to any broker fee, this is all peanuts.

I paid $0.00 cents to move into my condo. I have never heard of such fees. For coops, maybe, but everything I am readings sounds excessive.

I recently paid $1500 in condo fees, plus a move-in deposit. I think the condo fee is a bunch of BS (it took the building manager about 5 minutes to approve me), but $1500 amortized over the course of 1-year is $125 a month, which in my case made sense because the rent is quite reasonable.

Are you F#$king kidding me? In this rental market, I wouldn't pay a dime in condo fees.

bigomari: "In essence the agent will handle the whole process relieving the potential renter of going through such rigorous process alone. The knowledge an agent brings absorbs all the hassle of putting together a board package alone."

Jesus, what a joke. So, on top of the $2000 condo application fee, the renter has to pay whatever your idiotic fee is just so he won't have to "go[] through such a rigorous process alone"? Fu%king joke. Go back to high school, Omari.

By the way, how much of a complete douche do you have to be to have your StreetEasy name be "bigomari"? Tough guy, eh, Omari? Good luck in life.

We looked at several high-end condos and they had similarly high apllication fees (1000-2000). we ended up having to pay 1500 for application and 1000 move-in deposit (which we got back after the move with no problem), and agreed that the owner would pay half of the application fee (he also paid the broker's fee). There is also a renewal fee, to be applied every year, but we added a rider in the lease that owner would take care of that one too. I agree that these fees are crazy high, and it is a disadvantage of renting a condo, but oh - how much nicer is our apt than apts we've seen in rental buildings. Not to speak of anenities and building staff.

drdr -- 100% agree. The quality and service in a a condo is far superior to that at any of the nicer rental companies...

Interesting thread

drdr, I agree as well. I paid 1500 for the application fee, plus the deposit fee, which I will get back. The 1500 fee is worth it for living in a building with all the amenities.

My question is in regards to the renewal fee. My lease is up this year, and I want to negotiate the new rent amount with the owner, so I am assuming a new lease will be drafted with the new rent amount? Do you know how much the renewal fee typically is in a luxury building? Do you know if a new lease agreement entails that I have to go through the whole application processing package deal again?

Kind of eats into your cap rate doesn't it?

This is how the process for a condo should work (when buying): https://www.hauseit.com/the-condo-application-process-in-nyc/

It's really too bad in this city that you see all these fees add up, and increase yearly.