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FogCityT, Other/Just Looking in 94123

What are some of the rules for subletting an apartment in a co-op?

Asked by FogCityT, 94123 Thu Dec 27, 2012

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Hi, FogCityT,
The answers below seem to assume that you already own a co-op and are asking about rules for subletting it. However, I am not entirely certain from your question if that is what you are asking, or if you are contemplating purchasing a co-op and would like to know the feasability of renting it out in the future.
Most co-ops are expected to be owner-occupied. Subletting is generally frowned upon. Therefore, each individual co-op board makes rules about subletting. The most common is you may do so 2 out of 5 years. It varies building to building. If you are considering a purchase and the ability to sublet is important, you may want to consider a condo instead. If you are just curious, ask your agent (and I certainly hope you are using a skilled buyer's agent) to find out the subletting rules for units you are considering.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com
1 vote Thank Flag Link Thu Dec 27, 2012
Each building is different and some don't allow subletting; therefore consider working with an agent of your own who can provide any necessary information....
1 vote Thank Flag Link Thu Dec 27, 2012
Hi, Every coop will vary depending on their by-laws. Best thing to do is contact the magament company directly to get the most accurate info.

Chris
1 vote Thank Flag Link Thu Dec 27, 2012
Co-op buildings differ in their subletting policies. I've dealt with some buildings that allowed subletting after 1-2 years of the owner living in residence. Some building require more in-owner residence before they allow subletting, and some coops even go as far as disallowing sublets entirely. Check with the board of the coop for the rules governing their buildings.

I can tell you one thing for certain though, the coop application process for prospective renters is often one that is long and tedious. Thus, many people tend to shy away from coops completely and either rent from condo owners or go to rental buildings.
0 votes Thank Flag Link Sun Nov 10, 2013
In order to find out you should ask the management company or read the co-op docs to see what you are allowed to do.
0 votes Thank Flag Link Sun Nov 10, 2013
You should talk to one of the board members, usually they have a good understanding of the rules, but you should also review it yourself.

Nick A. Agostinelli
Licensed Real Estate Salesperson
office 212.729.5712 EXT 144
fax 212.922.0015
353 Lexington Avenue, Fifth Floor
New York, NY 10016
ELEGRAN
Real Estate & Development
http://www.elegran.com
NAgostinelli@elegran.com
0 votes Thank Flag Link Thu Dec 27, 2012
It will depend on what your lease states and on what the co-ops rules state. Start with reviewing your lease and then the co-ops rules to see if they allo wit and what their process is.
0 votes Thank Flag Link Thu Dec 27, 2012
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