Home Buying in 10036>Question Details

neelam_p2003, Home Buyer in New York, NY

Which is better for subletting and short term rentals (maybe even airbnb) - - a condo, or a condo-op ?

Asked by neelam_p2003, New York, NY Sun Dec 9, 2012

I am looking to buy a residence in manhattan. I travel a lot for work, sometimes for 2 weeks in a month, other times I'm gone for 2-3 months at a time. I want a place that I can sublet/rent/airbnb for short periods of time. Since condo-ops are cheaper in sale price, I wondered if they would be just as easy to sublet/rent/airbnb as a condo would ?

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Answers

13
As of 5/1/11 short term rental of less than 30 days are illegal in NYC. Hands down condo is certainly going to be your more flexible option but regardless of the house rules be mindful of the state rules as well and govern yourself accordingly to prevent any legal issues for yourself down the line. Feel free to check out this article in the cooperator that highlights the bill Gov Paterson signed last year. http://cooperator.com/articles/2382/1/Renters-on-the-Rise/Pa…

Looking forward,

Christine Gordon
Licensed Real Estate Salesperson
Cell: 917.881.2924
Fax: 347.328.9352
Apartment updates available at http://www.christinegordon.postlets.com
"Home is where the heart is."
4 votes Thank Flag Link Sun Dec 9, 2012
Coops have much more restrictions on when and how long for an owner can rent out an apartment, and when reselling, a new buyer has to pass the board, as well. While condo have more liberal sublet policies, most condo buildings have a "no less than 6 month lease" or "no less than 1 year" rental policy and all tenants have to be approved by the board as qualified tenants. Some owners, to get around their building rental policy, register their short term tenants as "family and friends guests" but this is a violation and if the building finds out, the owner may get in trouble.
1 vote Thank Flag Link Sun Dec 9, 2012
Condos Condos Condos!!! Condo-ops are CO-ops with condo rules!
And eventhough condo-op are cheaper, in many cases, the maintenance is much higher or
more likekly have a landlease... Most of the time whether it is a condo or condo-op, 6 months might be the highest short term rental you are allowed. It is all spelled out in the housing rules.

best of Luck
Fern Hamberger NYRS
VP Asso Broker
Citi-habitats Relocation
fhamberger@citi-habitats.com
1 vote Thank Flag Link Sun Dec 9, 2012
Most buildings in New York in their House Rules specifically forbid short term rentals (less that 6 months or some less than 1 year) and even impose fines on owners, who violate these rules. Our condo management periodically searches Airbnb ads for apartments in our building and takes some measures. There are a few condo buildings that allow short term stay, not less than 1 month, though. I would be happy to share their information.
0 votes Thank Flag Link Tue Mar 25, 2014
Hello Neelam,
For both condos and condo-ops most of their management will require that you sublet at least 6 months at a time. Many of them will require that you sublet for a year. I have sold and leased condos and condo-ops and in my experience, i never saw 2 - 3 months leases. If you bring in strangers and tell the management of the building that they are your guests, you are risking your own ownership.
And there is a very important point, i should bring to your attention, many times, when you sublet, you will have to pay a percentage of the rent back to the management.

Good luck and best regards
Fern Hamberger
VP
fhamberger@corcoran.com
Corcoran
0 votes Thank Flag Link Sat Feb 16, 2013
Each condo and a condop building has its own rules about renting/subletting apartments by owners. Most buildings require prior approval of the lease, application fees and either allow 1 year lease minimum or a 6-month lease min. I am not aware of any condo/condop buildings that would allow short-term rentals by the owners. Of-course, there are ways around it - people are renting to "friends and relatives" and register their renters as "guests" with the building. I am in no way suggesting this and you would have to do it at your own risk. Also some of your tenants may want to have an official lease, which you won't be able to get approved with a building for short term.

In our building this issue was raised at the owners' meeting - owners did not want any short term neighbors as well as people coming and going with suitcases all the time.
0 votes Thank Flag Link Sat Feb 16, 2013
NYC now requires short term rentals be no shorter than 30 days and building rules may require rentals to be at least one year. Be sure to know the house rules. Many buildings discourage and fine unit owners for short term rentals like Airbnb substantial amounts.
0 votes Thank Flag Link Sat Feb 16, 2013
thanks to everyone for their advice !
0 votes Thank Flag Link Wed Dec 12, 2012
Condos are easier to rent & sublet as they do not require an interview or board approval.
0 votes Thank Flag Link Mon Dec 10, 2012
Hands down its a condo but do find a liberal one- many require 6mo or 1 year minimums.
0 votes Thank Flag Link Sun Dec 9, 2012
Condos generally offer the most flexibility, however review the rules beforehand...
0 votes Thank Flag Link Sun Dec 9, 2012
thank you both for your answers ! ....I think I'm leaning towards a "condo" now. Mostly because it will be easier to rent out, I will hold a deed, and be able to sell easier in the future if needed.
0 votes Thank Flag Link Sun Dec 9, 2012
Condop or Condo won't matter as much as which buildings allow short-term sublets. Just because they allow sublets do not assume they will allow short-term. There are very few condos and condops that will allow short-term rentals. When looking to purchase be very sure you tell your broker this is what you want and do check with the building to see if they will allow this.

Good luck.

Ross Ellis
Licensed Real Estate Salesperson
Halstead Property
Member of Real Estate Board of New York
212.317.7828 direct
770 Lexington Avenue, 10th Floor
New York, NY 10065
rellis@halstead.com
0 votes Thank Flag Link Sun Dec 9, 2012
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