Co-op vs Condo - No Board Approvals

Sponsor unit considerations aside, a co-op is a very different from a condo in NYC. Would suggest reading this overview before you make the decision as to sponsor unit co-op, regular co-op, condo, etc.: https://www.hauseit.com/co-op-vs-condo-nyc/

There's no doubt that if you own a co-op it's much more difficult to rent than a traditional condo. This will cost you money in terms of higher vacancy due to a predictably longer marketing period. Renters are definitely turned off by the onerous board application and hefty fees.

However, in theory if you are buying a co-op it should be because you plan on living in NYC for the foreseeable future (so no subletting is necessary).

Dafni, have you considered just purchasing to make your life easier?

And yes, that's why most rental agents I know prefer not to show co-op rentals to their clients. Enormously more work vs a standard rental building. Putting together a co-op board package for a sublet? Please!

For those who don't like to read, here's a simple illustration explaining the differences between a condo and a co-op: http://www.ucollectinfographics.com/co-op-vs-condo-properties-nyc-hauseit/

You should definitely consider just buying, probably a condo since you seem to want to avoid the hassle of a co-op board..

What does sound like a nightmare is that you're going through a co-op purchase application for a RENTAL ... lol ... that is just sad. Who is the poor agent if you have one working with you on this?

What kind of price range are you looking at, just curious? It must have been a pretty pricey condo or co-op for your broker to agree to go through a board package for you...for a rental...

This is why my agent Emily steered me away from co-ops and condos when I was in the market to rent. No way I'm going through a board package just to rent a place for a year. They wanted to know all the LLCs I'm affiliated with and any secret society memberships. You've got to be kidding right?

You'd be surprised how many condos are making their rental processes look like coops.

30yrs_RE_20_in_REO tell me about it. It's self destructive behavior esp as we have more supply on the market. Why make it harder for the owners?

Some condos are now charging a processing fee for renewing a lease with an existing tenant. I'm not sure how prevalent this is - anyone have any idea?

I believe the Vendome charges a couple hundred for renewal processing, but I think that they have for awhile.

All it takes is to have lived next to one sh!tty neighbor to appreciate co-op rental rules. :)