Co-op and Condo Rentals

Why ask generally? Why not find listings and ask the owner or the broker about that specific apartment?

Well nofstrayer, that was actually the thought that precipitated this post. You're suggesting that I stop asking questions on SE and gather information myself. That is VERY good advice! :)

Well I don't know, but you say that there are some nice reasonably priced co-op rentals, so it would seem that you'd just ask the question of them. And the nit seems as if you ask about a general rule with condos, but I suspect that anyone above the intelligence of a dolphin could tell you that all places are different.

And the nit seems

wow, what a typo

Dolphins are very intelligent and may know more about the intricacies of manhattan real estate than I do. We moved here 5 years ago, rented a place, and are still in it. My NYC real estate knowledge is pretty limited. What I outlined was my general sense of co-op and condo rentals and I was wondering if I was correct.

Generally speaking co-ops are more restrictive about renting than non-co-ops.

That said, there very well may be co-ops that will need to reconsider their restrictive rental policies.

Why do I say this? Well, many co-ops are concerned that some tenants will have to sell in a firesale, thereby devaluing the co-op's shares. One way to tide over tenants who can't afford maintenance payments because they have lost their jobs or invested in Madoff or whatever, is to allow those tenants to sublet (rent) their apartments for longer terms than has historically been the case.

I don't know which co-ops in particular are facing this issue, but doubtless there are co-ops out there at least contemplating this change in policy.

I rent in a co-op and the limit is 2 years. Most co-ops have this rule.

Thanks. And do condos have any restrictions (i.e. boards)? Or are the terms of a lease completely up to the owner?

Regarding coop rental, you will run into a lot of additional paperwork that is just a few steps short of doing a full buyer package. Be prepared to give detailed financial history and documentation, letters of recommendation, and possibly pay sublet fees to the management agency for the bldg. (although these fees must be negotiable with the apt. owner in this market). You should also count on a lag between submitting all the paperwork and then waiting to schedule a board interview. From the time you find the apartment till the time you move could easily be 60 to 90 days.

uwsmom...go condo, you won't have all the hassle as kas242 posted.

Unless its in Harlem or another less Ritzy area, OR is a cond-op, the 2 year rule for coops is standard.

A cond-op? Dear lord...I didn't even get the answer to my condo question (are the terms of a lease completely up to the owner or do they answer to a board). I need to settle that before I breed the two.

uwsmom - this came up on another thread today. I have a co-op rental but it is a sponsor unit so none of the standard co-op BS applies. We came upon this unit by chance and are extremely happy with how it worked out for us; we were returning to the city without jobs after a 5 year absence. The sponsor wanted 12 months rent up front plus 2 months security which we were prepared to pay anyway. Its a top floor corner 5, not a shaft view 1st floor hole in the wall.. A broker may be able to help you find something similar. Or search the rentals on SE and put "sponsor" in the description field.

uwsmom - I am considering renting from a condo owner and have the paperwork for a condo application in front of me.

The condo board wants:
PAPERWORK
- Letter from employer
- Letter from present landlord (and previous landlord if you have lived in your current place less than 3 years)
- Letter of reference from bank
- Personal reference
- A copy of the rental agreement with the condo owner

FEES: Application fee, move in fee, processing fee and credit check fee (around $1500 in total, non-refundable), plus a move in fee (refunded after you move in, less any damage cause by your move).

I don't know how typical this is, but it is certainly more of a pain that renting through a management company (the last management company I rented through only wanted a credit report, an employment letter, and the use of moving company with insurance). Not to mention that the condo owner does not want to pay any of the broker fee, so in addition to the paperwork hassle I am looking at a mountain of expenses that is only worth it if I am there three years or longer.

hope that is one hell of a great place you are getting.

uwsmom: I have come across a couple of coops that I was told did not have the 2-year limitation. One of them was 100 RSD; the other was an informally-run coop in a brownstone near CPW.

the only way this nonsense will stop is when people stop playing along with it.

columbiacounty: I have not decided whether to proceed with the application. I am negotiating the price with the owner and I will only go through with it if the deal makes financial sense. The apartment itself was lovingly renovated by the owner, and is much nicer than a typical rental.