Co-ops dont allow renting due to the fact that the more renters are in a complex it depreciates the value of the complex. Gail is correct its the balance sheets of the banks. Some appraisers take that in to consideration as well when appraising the the property. Some banks might request that the reatio to owners/renters 80/20 if this ratio is not met the bank the purchaser is using might not approved the Co-op. Remember you are investing in shares of a corporation and the board is there to protect everyone interest of the corporation

Tue Feb 19 2008, 15:15

There are quite a few co-ops along E. Hartsdale Avenue, and some off W. Hartsdale Avenue. Renting out one's unit depends on a few things (and an experienced agent will know...). First, determine if the co-op allow rentals at all. Some do not, as they discourage "investors" who will not reside in the property. Rentors generally do not take as good care of a property as owner/occupiers. The next issue is financing. Banks want to know the percentage of units which are owner occupied. If a too-large percentage are not, a lending institution may not grant a mortgage for that property. Some co-ops do allow rentals of their units after they have been owner occupied for a period of time, usually at least 2 years. Some co-ops restrict the length of time a unit can be rented, for example, one 2 year period, or no more than two 2 year periods, after which the unit must be sold. If you are an investor, then buy in an investor-friendly building, again being sure that it is not overly rented, which may impact financing. Co-ops generally want the buyers to occupy the property, so that they become involved in the workings of the co-op. After all, the word "co-op" is the shortened version of "co-operative," where everyone is hopefully involved in the decision-making process, as those decisions affect everyone. (Frank Ledermann/Houlihan lawrence Real Estate/Scarsdale/ mobile 914-261-8888.)

Tue Feb 12 2008, 14:14

111 and 119 E. Hartsdale Ave allow rentals although you have to pay an application fee and the tenants have to pass board approval etc. As for reasons not to, the people below have all answered that pretty well and its a co-op by co-op basis so I wouldn't expect it to change soon if ever.

Tue Feb 12 2008, 12:15

Normally you should be able to rent out your coop with approval of the coop board, not sure why yours not able to...

Mon Feb 11 2008, 22:24

One of the reasons the majority of co-op boards do not allow renters has to do with the financial picture it paints for the bank that is financing the building...owner occupied majority looks much better on the balance sheet.

Mon Feb 11 2008, 21:15

Because renters do not take better care of the property as owners do.

Mon Feb 11 2008, 19:45