How Does the Condo Rental Process Work in NYC?

In this video we're going to talk a little bit about how the condo rental process works in NYC.

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The first thing to think a little bit about is what condo ownership means with respect to board approval for a renter. As is the case with co-ops, condos also do have an application process and an approval process for tenants who are looking to rent in the building.

Typically, both condos and co-ops will have a rather extensive application which will be required for the tenant to submit prior to approval and of course that means prior to moving in. In general, a co-op will probably ask for a few more things but we've seen some pretty intense condo board applications here in NYC.

If you are a landlord and you're thinking about renting out your apartment the first thing to do is contact your building's managing agent and request a copy of the sublet application. Get that documentation and read through it and just you know make sure that you have a handle on the fees, the process what's required and the turnaround time.

For a condo usually the board has between 20 and 30 days as per the bylaws to review a prospective renter's application and issue what's called the waiver of the right of first refusal. This refers to the process when the condo rubber stamps the tenant and this is required regardless of whether it's a small or large condo building.

Every building has a procedure which you should make sure you’re following. That being said, sometimes smaller buildings maybe self-managed buildings are a lot more relaxed about. Try to follow the rules because if you don't and perhaps someone on the board doesn't like you they might single you out and give you a hard time with your tenant.

Now if you are a tenant and you're thinking about renting a condo apartment just be aware that for the reasons we've discussed there is an approval process, and while in the case of a condo there's not a meaningful risk of the application being rejected, you still may very well
have to wait that full 20 or 30 days for approval. Therefore, you cannot necessarily move in right away.

Depending on when your move-in date is, if it's like two weeks from now you basically can only
consider rental buildings which are owned by one landlord. They usually have a much quicker approval process because there isn't that same condo board and bylaw type of structure.
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