Many co-op buildings in Fort Lee and elsewhere restrict an owner's ability to rent out their unit. There's also the possibility that a building which allows rentals today may not tomorrow. As a result, if you are planning on renting out your unit in the future, it's best not to consider a co-op building. Each building has it's own unique rules and regulations; you should always thoroughly investigate a building's regulations and rules and in particular, it's policy on rentals before making an offer.

Co-op buildings are not well suited for rentals. If you think of a co-op as turning a building into a corporation where everyone is responsible for paying the mortgage, taxes, expenses of the building, then you can understand why it's so hard to qualify for a co-op purchase and why a building does not want tenants. If each unit owner is also a part owner of the entire building, then it's crucial that all unit owners pay their monthly maintenance (which includes their share of the building's mortgage and property taxes) so that the building doesn't go into foreclosure. If you own a condo, only your condo unit is at risk and not the entire building if you don't pay your bills. This is why anything that has even a remote degree of risk is frowned upon by a co-op. A tenant is statistically a bigger risk than an owner occupant. It's as simple as that.

Hopefully this has answered your questions,. If not, just let me know.