Also, you don't want to get into a situation where subletting is allowed free and clear in a small building and most of the units become rented out which then affects the ability for buyers to gain financing for the building. This can certainly hurt your resale potential as banks look to make sure a certain (larger) percentage of the units are owner-occupied as opposed to tenant-occupied.
It is rather difficult for independent buyers in a 'general search' to know the policies of each co-op. Work with a broker experienced in the co-op market to help with your search. It will save you a lot of headaches in this regard.
Helping buyers and sellers navigate the complexities of the NYC real estate market.
Cooperative by their very nature have rules and regulations under the By-Laws which determine what an owner of an apartment within the Cooperative may, or may not, do. This includes renting out the apartment. Your best course of action is to review your By-Laws and consult with the Managing Agent or the Co-Op Board.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services