Why You Should Be Careful When Renting a Co-op Apartment in NYC

In this video we're going to talk about why you should be very careful when renting a co-op apartment in NYC.

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Before we go into the various risks associated with renting a co-op, we want to be very upfront and clarify one thing. By and large co-ops are well-run buildings in NYC. There are generally no issues you should anticipate or expect when renting a co-op. Of course you hear horror stories and there are real risks as we'll explain but we would never categorically exclude co-ops as an option if you are looking to rent in NYC.

One of the reasons why you should be very careful when renting a co-op apartment in NYC is because of the uncertainty in terms of the timeline when it comes to the co-op board approval process. Generally speaking most co-ops respond to rental applications within four weeks. That's already a long time compared to a rental building where you would submit an application and hear back you know sometimes in a matter of days. So you're already at a disadvantage with a co-op.

But the problem with a co-op is that there's no ceiling in terms of when they must respond or how long they could take to review and respond to your application. Most co-ops will say 30 days, but the risk is that you essentially get in bed with a co-op that is unorganized, incompetent or has a vendetta with the landlord, the person whose apartment you're trying to rent, and as a result they exceed the 30-day estimate for reviewing and responding to your application.

This type of uncertainty is unacceptable when you're looking for an apartment to move into because you probably have a very specific timeline that you need to meet having moved out of your other apartment or having to move into the city say for a job within a certain period of time.

So just to summarize one of the main risks with renting a co-op is that the board could take forever to review and approve your application and that could wreak havoc in terms of your plans for moving into a new apartment.

Another reason to be careful when renting a co-op apartment in NYC is because of the fact that the application itself can be very extensive and it could potentially take a large amount of time on your part to go through the motions and complete and submit it.

If you're thinking about renting a co-op, the reality is that this point applies to condos as well. So if you don't want to deal with any red tape or any delays whatsoever and you just want a place to rent you really need to consider rental buildings. A rental building is is owned by one individual or one entity and there is no corresponding bylaw board approval type of process that you have to deal with.
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https://www.hauseit.com

Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Est 2014.

Hauseit Group LLC, Licensed Real Estate Corporation
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