How different is renting in a CONDO bldg?

Seems to me the problem with renting a condo - and even more so a coop - is that you never know what the owner will want to do at the end of the lease. Sell it? Move back into it?

Moving is a hassle - and typically expensive. If you're renting, it's much nicer to know that your landlord will probably want to renew your lease.

In order to offset that potential hassle I'd want to have a moderately below "market" rent.

Don't like the idea of bypassing the condo board. If you move in they will find out and can kick your butt out. A major expense on your part with no recourse. I wouldn't do it.

I'm buying in a condo and will rent it through the buildings agent which is mandatory. They want to know who is living in the building and circumventing this procedure is risky.

If you are signing a "condo lease" there is a clause that will give the owner an option to terminate your lease should he/she want to sell it, I believe with just 30 days notice. I agree bypassing the board application is not such a good idea, but it certainly is done occasionally especially in condos, typically the owner says a friend will be staying there. But moving in can be a problem as the doorman/super must assist in arranging the move-in and the approval is often sent from the management company-no approval no move in. Another issue with renting a condo can be the length of stay, although the majority of condos don't impose time restrictions the owner may decide to sell or move back in. Do not rely on an owner telling you he/she has no intention to sell/move back in because life situations can change on a dime, you have what the lease states after that who knows. Also make sure you know who pays for heat and hot water as in most condos it is paid by the owner and most likely he/she will expect you to pay for it. Most likely you will pay less renting in a rental building, heat, hot water and usually gas will be included and renewing year to year will be more certain.

There is an "on the other hand"...

If the condo owner is happy with the rental price and has no plans to sell, you can end up with stable neighbors (ie no turnover) and perhaps also a more stable rent. In the late '90's rents were really shooting up. I was renting a coop and probably paying my landlord about what his monthly nut was. My rent stayed the same for 8 years. During the last 3 or so years, friends in rentals were seeing their rents go up 10, 15 maybe 20% and in '99 20-30%. Rental owners are more aware of the market than a single landlord might be. (and again, "on the other hand" a rental landlord might be the type who values stable tenants and their cash flows over a possible bad egg.)

After 8 years though my landlord decided to sell (sigh). I couldn't see myself buying a studio and moved out.

I have had similar situations in owner occupied brownstones where the owner was so happy to have a sane tenant my rent never went up. Most owners of brownstones I represent will keep a rent below market just to hold onto a good tenant.

Me too. I'll be renting a one bedroom in the Toren once it is completed. Projected completion date is April-June. Not looking to make money just find a tenant who can keep it warm till I'm ready to move in 5 years. If I find the perfect tenant, I'd be happy to rent below market of next door neighbor, Avalon Bay Luxury rentals.

Apartment on 33rd floor facing west (Penthouse) with perfect view of Downtown Manhattan business district. Best offer will be accepted.

Yes, there are things you should consider
1 - If there is a fee to the condo board, you should make sure that the owner pays or the owner's broker pays. You do not want to be paying twice for the owner's rights, and if you are paying a broker fee, one all-inclusive fee should cover it all. Be very insistent on this and remember, even though you are paying the broker fee, the broker is representing the owner so negotiate hard with the broker too.

2 - There are two provisions in the standard lease that you should strike.
a) First is a provision that allows the owner to recover additional money from you if the condo maintenance charges go up. You are not paying the owner's costs. You are paying the owner who should cover his own costs and should price the rent appropriate to his own situation, subject to market forces of demand. If you were to rent in a rental building, this sly maneuver would never even be possible.
b) Second is a provision that allows the owner to terminate the lease if he is PLANNING on selling it. Not even selling, planning! Either way, strike this or at any point you could be without a place to stay. The owner should live up to his bargain for the time period of the lease and if he refuses to strike this provision, this gives you a good idea of a high likelihood situation that is averse to your interests, in which case, MOVE ON.

3 - If you are looking for a year, fine, a year is good. If you have any intention to stay longer, don't leave it to a whimsical desire by the owner, or a potential major increase in the 2nd year which could have the intent or effect of kicking you out. At the signing of the lease, insist on an option after one year - your option - to extend the lease for another full year. It would be fair for the landlord to make this option subject to you having paid your rent (on time) throughout the lease and subject to you not having trashed the place or violating material rules of the condo.

What about the condo owner's rights to visit? If it is someone in NY vs. a foreigner