Co-ops will not allow you to do this- many co-ops you will have to live in it for 2 years or more, and then you are able to rent for a limit amount of years -max I've seen is 6- then you either live in it again or sell it.
I would highly recommend sticking to condos only for your situation. As others have mentioned, co-ops have strict rules on renting so skip the headache and purchase with the freedom to rent when YOU decide.
Hope this helps and feel free to contact me at email@example.com with any questions!
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I work with Citihabitats Relocation and I do get tons of people from all over the world, the nation and the state. The following is a sample of people who may be interested in short terms:
- Some of my people are renovating their apartment so they need short term rentals,
- Some are looking for treatment in Sloan Kattering so they need a few months,
- Some are going for two months internship or medical rotation so they need short term rentals, many are students and they also need short term rentals.
- I get people looking to work with teh Auction houses Sotheby's etc.. and they are all looking.
There are many short term rentals in the city and so many are legal. Whatever you puchase, the requirements for leasing will highly depend on the House rules and on the management. Buying a condo is preferred of course, but some are quite strict.
Bottom line, 6 months is the minimum you can rent in many of these condos with the management blessing . But what you should be aware of : So many management and co-op boards would like you to pay a certain percentage back to the management when you rent your unit and that is not all. About two years ago, there was a law that was passed, not totally aware of all the details, that if you are leasing your apartment, then you should charge taxes, insurance and occupancy rate. Yet, people do buy and lease their unit, not necessarily for the income, but also for building equity. Since appreciation of your unit can mean a substantial amount of money if you make the right deal!!
For any other questions or concerns, feel free to contact me, I will be able to help you.
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It may be illegal to rent an apartment "short-term" that you own in NYC even if there are no restrictions placed on short term rentals by a co-op or a condominium board..
Both NY state and NYC have passed new laws recently regarding short-term rentals. It is illegal in NYC to rent an apartment for less than 30 days. Any rental under 30 days is subject to the Hotel Room Occupancy Tax.
Many condos now require purchasers to sign a letter regarding short-term rentals that they have read the bylaws that require a lease and board package application submitted to the board for all rentals or subleases no matter the term. Condo boards have first right of refusal on all purchases and leases. Coops have the right to reject any purchaser or renter for any or no reason.
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Century 21 Princeton Properties