Renting in a Condo vs Renting in a Rental Building

Just find out if you have to pay the condo board review fees and move in fees, etc. And what they are.

Good point, Total cost 800 bucks but Landlord will pay half.

Renting in a condo building you are are apt to be treated like an owner by the staff It's a good way to try out a building if you are thinking of eventually buying. The downside is that there's less stability versus being in a true rental building and situations are more likely to arise to prompt you to move and rent elsewhere. On average the amenities are better in the condo but that's a general rule and there are plenty of exceptions. In the condo you'll have more contact with the owner versus professional management which could work for you or against you depending on the relationship. Also you say the rents are the same, but in my experience the rental building should go for slightly more because of the perceived stability

I did this for two years. Inside the apartment repairs were NOT covered by the bldg and this was a hassel when 1) the heater broke in the winter and 2) there were mice.

Calling an exterminator and HVAC repairperson and waiting around for hours for them to come is not fun. Also, I had to pay these things out of pocket and deduct from the rent. So "free", but I had to float the LL the money.

Also the deposit back was a bigger hassle than any pure rental I have ever had, because the LL seemed to think normal wear and tear was as though I'd actually had wild frat parties.

So...the pluses above but these minuses.

For some reason I thought quality of renting was better in a condo because they seem to be more restrictive when it comes to pets, smoking, noise etc.
This condo has a doorman, live in super, and seems very well maintained.

Sounds like Jason was barely making it paycheck to paycheck if he's still bitter about having to float the landlord some inter-month money in order to afford living in a mice-infested unheated apartment. Renterjoey, most people aren't in Jason's pitiful situation. The biggest issue of renting in a condo is having a lease term or renewal options that are sufficient for your needs - how long do you want to live there?: make sure you negotiate term, renewal options and the like, and remove the clause in the typical lease that allows the landlord to terminate the lease if he's thinking about selling.

Pardon me - intra-month money. Even worse.

But better than the oddly placed reference to the Norwegian chemist and Nobel Prize winner Odd Hassel.

I always wondered where the expression "Hey, man, quit Hasseling me, get off my case, you're like a bad trip" came from. Thanks, Jason!

I would choose the condo, less transient because neighbors are often owners. Owners tend to be quieter and more settled.

As far as mice or broken heaters, it depends on the condo and the landlord. A condo with a live-in super will take care of any small issues and the landlord shouldn't need a float. Most LL will not allow a rent deduction, but will arrange for service payments via credit card direct to the vendor. Most well-run condos will have automatic monthly exterminator service.

As for wear and tear, the LL should walk through with you at the end of the lease and discuss any issues.

If your condo is missing any of these elements, just ask for them to be written into the lease before you sign.

Thanks, I always thought it was better to rent in a condo due to the lower transient issue.
I was also under the impression that if there were a problem in a Condo apt it would be taken care of more quickly and that any costs will be added onto the owners monthly common charges I will make sure that is the case. As far as security deposit I never had an issue with getting that back at all.

>As far as security deposit I never had an issue with getting that back at all.

Most people don't unless you damage the place.

I've done both in NY, and I far prefer my condo rental from a private owner. Condo buildings are usually higher quality, and I've found good condo owners to be much better to deal with than rental mgmt. companies: they seem to value good tenants more.

Regarding security deposits: many rental buildings in NY can be nightmares regarding security deposits. You would not believe the number of rental buildings that refuse to turn over your security deposit until you threaten to take them to court. Just do a quick search on-line and you'll see this story over and over again.

If you do rent from a condo, as Greensdale noted, make sure you read the lease and cross out the clause related to the owner being able to cancel your rental at will. The other clause you should watch out for is the one that lets the owner pass through any additional condo related costs to you immediately. You should cross that out as well.

I concur with thoth. I am actually a ll in that situation and I would bend over backward to keep my very nice, reliable tenant in there. I could care less about small little costs but having a tenant move out and find a new one is a huge hassle. So guess maybe you should just have a conversation with the owner and feel him out. Maybe ask him what happens if small repairs are needed about security deposit, etc. My experience in rental buildings has also been somewhat negative as it is usually a hassle to deal with issues.

I second Ottawanyc's concurrence with thoth who noted what I said.

So Ottawanyc when it comes time to renew the lease with the same reliable tenants how much advance notice do you give them. If their lease expires in July will you let them know in May for example or do you wait till the last week in June and ask them to renew? Do you plan on increasing the rent to your reliable tenants when it's time to renew?

also, renterjoey, it can matter - the activity of the market - so Ottawaynyc should clarify if his apartment is in Ottawa, Manhattan, Williamsburgh, or C0lumbia C0unty.

greensdale makes a good point.

1- Condo can take time to rent so we ask for renewals 3 months prior to lease end.
2- Our condo tenants saw 0 - 2.5% rent increases YOY - strictly based on comps.
3- Rental vs. Condo LLs: Do your due diligence but in the end, "Do unto others...".

LL/Tenant relationships are a 2 way street like any relationship. If we have great tenants, we bend over backwards to make them happy.

4- I'd be cautious of crossing things out without discussing with LL first. Especially if it's prime real estate and you like it. Just have a chat before doing anything unilaterally, goes a long way imo.

>4- I'd be cautious of crossing things out without discussing with LL first. Especially if it's prime real estate and you like it. Just have a chat before doing anything unilaterally, goes a long way imo.

Disagree. The two provisions referenced above are standard to cross out. Any owner who insists otherwise without making a concession to the tenant on price, is not an owner that a prospective tenant should rent from.

Frankly, when the agreement is presented to the tenant, the owner should have already had these two provisions crossed out.

"Disagree"

It's fine of course to disagree. Point being it's better to start off on the right foot with LL/Tenant relationships.

Just ask, "What happens when..."
Most owners would let you cross it out anyway, but some might get the wrong impression.

justmy2

The owner is in the wrong then. Any owner who doesn't present the lease with these two provisions crossed out is either
a) ignorant
b) dishonest

Willing to give the benefit of the doubt and say (a) if it is a new owner and that owner is not represented by a broker.

I think I got confused here. But then HB seems to be making good sense of this.

When I said, ask what happens when, it was more in the spirit of having a nice conversation. Place I rent is in Canadia. After first year I raised by whatever the rent control law provided, 3% or something and third I just did nothing. I think now we just have a 60 or 90 day escape clause where we can kick him out, if we go back up or he can leave. I think this is in an email somewhere.

Point is more to the relationship idea. We just talk every once in a while to see what is going on and once a month he sends me an email deposit (a futuristic technology from the aughts that has yet to make it to America). I have never actually met the tenant, but the wife's father met him and he played hockey. So he checked out.

Important that he played hockey and says "eh?!".

Condos I find are of much better value than rentals, FWIW.

An advantage of condos is that when it comes to renewal time, condo owners tend not to play the game of "jack up the rent higher than market, but not so high so as to make you leave".

renterjoey, have a look at my thread http://streeteasy.com/nyc/talk/discussion/35334-percentage-of-windows-in-apt-must-be-funtional

i thought condo rental would be better. now I would hesitate before going that route again.
of course every situation is different but if it's a condo you are dealing with a personality, for better or worse and you don't alwys know until you are in there.

good luck!

"BrooklynNewbie"

Yeah we had a crazy LL in the condo we rented, who behaved in a way that would get her fired if she was the leasing agent for an Archstone or similar building. My cleaning women called her "El Diabla Loca" and similar sorts of things. They got into it big time. She was awful. Now that does not mean all condo owners are like this, but its a risk I did not run into in my pure rental buildings. In part, perhaps, because we tip the super and staff.

greensdale
about 18 hours ago
Posts: 2646
Member since: Sep 2012
Frankly, when the agreement is presented to the tenant, the owner should have already had these two provisions crossed out.

that's only because you have no fucking clue what you are talking about. I have never seen any lease provision crossed out, and I would never advise my client to accept a tenant who insisted that it was.

Jim Hores, You would lose that qualified tenant for your client's dishonest reasons. But since you married an illegal alien as part of an indentured servitude scam, what else would we expect.

greensdale
25 minutes ago
Posts: 2649
Member since: Sep 2012
stop ignoring this person
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Jim Hores, You would lose that qualified tenant for your client's dishonest reasons. But since you married an illegal alien as part of an indentured servitude scam, what else would we expect.

Dishonest? The leases are a legal document fuckface. If the practice was "dishonest" the documents would be different. You are a fucking idiot. You'd think years of trolling an re board you'd have learned something.

Jim Hores, was that a yes or a no?