Renting a Co-op

I'm currently renting a sublet and can tell you based on my experience -

The terms would depend on the sublease agreement between you and the owner of the coop, influenced by any rules the coops have regarding sublets.

THe good thing is that the strict rules coops have regarding subletters (perhaps one year at a time, max 2 years), could protect you from any unexpected activity. also, coops like to have stable tenants and less turnover.

Also, because your neighbors are owners and have a vested interest in the building, I've found there's more of a community than in a rental building where everyone's more transiant.

The downside is the longer application process and you may have to provide coop board stuff like tax returns and reference letters from your friends, plus meet with them as if you were an owner. and the boad may require you to carry a certain minimum liability insurance coverage. but once you're in, if you're a good tenant and the board allows sublets for > 1 year, you're good to go. And the owner would appreciate you because it can be difficult to find a qualified renter, which means they have an incentive to keep the rent down.

good luck!