Are There Co-ops in NYC Which Permit Unlimited Subletting?

Nick at Hauseit (https://www.hauseit.com) reveals whether there are NYC co-ops which permit unlimited subletting and how you can find them. Save money when buying real estate in NYC with Hauseit: https://www.hauseit.com/buyer-closing-credit/

Learn how to save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014. How it works: https://www.hauseit.com/how-it-works/
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There are a handful of co-op buildings in NYC which allow unlimited subletting. Some of them may require you to live in the building for an initial occupancy period perhaps up to one year maybe two years and thereafter you may be allowed unlimited subletting.

But what's wrong with condos? Why are you looking for co-ops which allow unlimited subletting? The answer is that co-ops in NYC are anywhere from 10% to 40% less expensive, so
even if you're looking for an investment property ideally a condo you soon realize that perhaps they're a little bit too expensive.

So how do you screen for co-ops which permit unlimited subletting? Unfortunately, there isn’t any central database or repository of information which gives us enough detail about buildings and their subletting policies across the city.

There’s no way currently to filter buildings by sublet policy because there are so many different varieties of subletting policies. It’s not just like yes or no to subletting. It could be two out of every five years, or it could be a lifetime cap of two years. There are also a wide range of associated fees. It’s not conducive to there being any sort of searchable database.

In addition, co-ops can change their subletting policies. Co-ops are also quite slow to update the building’s official paperwork.

In conclusion, co-op subletting policies are difficult to categorize and the information itself is routinely out of date.

The best way to search for co-ops which allow unlimited subletting is to use an advanced keyword search on third-party websites. For example, you can screen for the phrase ‘unlimited subletting’ and hopefully that will search through all the listing descriptions, and it may pull
up a handful of co-ops that have unlimited subletting.

You’re going to have to be creative with the terms you search for and the portals you search on because the search algorithms are not all made equally across the various sites.

We do want to implore you to think a little bit about whether you should buy a co-op with unlimited subletting if your objective is to buy an investment property. This is because co-op subletting rules can change. The building could raise the subletting fees or implement a cap on subletting.
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Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014. Learn how it works: https://www.hauseit.com/how-it-works/

Hauseit LLC, Licensed Real Estate Broker
Tel: +1 (888) 494-8258
Email: [email protected]
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