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Thegadgetgirl, Renter in

Can I rent a coop out in NYC? I heard its possible and if so, which buildings have a lenient coop?

Asked by Thegadgetgirl, Mon Sep 17, 2012

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I just want to add that a lot of coop buildings require you re-establish residency after subletting. In other words, you would first need to live in the apt in order to sublet. Even after the initial sublet ends, you would need to live in the apartment for a required period of time again before you could sublet for the second time. It's best to work with a broker who can provide you information about each building's different sublet policy.
0 votes Thank Flag Link Sun Sep 23, 2012
You can rent a coop out if the board allows it. In most cases, Coop boards allow owners to rent their coops but it is at the discretion of the board.
0 votes Thank Flag Link Tue Sep 18, 2012
You can normally rent a co-op out but it depends on the building. Each has different rules regarding length of time allowed, approvals, etc. I'd be happy to help.
Charlie Summers, Senior VP, Bellmarc Realty 917-376-1648
0 votes Thank Flag Link Tue Sep 18, 2012
most coops require the owner to use the apartment for 2-5 years and then allow renting out for a number of years depending on a particular coop's house rules. Some coops are more liberal than others and an experience agent would have this information or can find out quickly. Sometimes, when you find a liberal coop or condop with no restrictions on subletting, they may be for cash investors only because a sponsor may still own lots of apartments or for some other reasons- your broker should be able to tell you if a certain building is financeable.
0 votes Thank Flag Link Tue Sep 18, 2012
Consider working with an agent of your own who can provide any necessary information. Not all co-ops allow renting and restrictions may apply.
0 votes Thank Flag Link Tue Sep 18, 2012
If you're looking to purchase an investment property, a co-op is not the way to go. Most co-ops have sublet policies where they restrict the number of years one is allowed to sublet. Another thing you must understand is that as a co-op is run by a board of directors, that board can change the rules for the building at any time (should they vote to do so). So a building that has a flexible policy now could change down the line.

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.

Brad Malow
http://www.BuyingNYC.com
Helping buyers and sellers navigate the complexities of the NYC real estate market.
bmalow@crrnyc.com
0 votes Thank Flag Link Tue Sep 18, 2012
Generally many coops do let you sublet for a limited time after you have lived there for a predetermined time. Let your broker know what your needs are. If you are looking for an investment, then stick with a condo.
0 votes Thank Flag Link Tue Sep 18, 2012
Good morning Thegadgetgirl,

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.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
0 votes Thank Flag Link Tue Sep 18, 2012
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