Can the condo board decide not to rent them just by rejecting there application without giving a purpose. I get that its different to a co-op (which Ive lived in), but surely it can happen, right? .su-cta-action { In NYC, moving in with my boyfriend to a new place together in Manhattan. Your email address will not be published. Save thousands on your home purchase with a buyer agent commission rebate from Hauseit This is truly a buyer's market, and for those rushing to move forward without time-consuming and intrusive board interviews, one may want to . border-color: #b8b6b8; A.R.S. As background, the owners broker/agent (different company to the condo agent) reviewed my docs first, and told me that as long as I dont turn out to be a rowdy criminal, the the board simply wont exercise this right of first refusal, so everything will be fine. And even with board approval, having a renter, or several renters, in the building could pose problems. No board approval required. padding: 35px 20px; And, do not volunteer any extra information.. } padding: 13px 19px; 2014-2023 All Rights Reserved. interactive home affordability calculator, interactive closing cost calculator for sellers. Owners or shareholders tend to hold themselves in a higher regard than they do the buildingsrenters, he says. How Strict Are Condo Rental Rules in NYC? If you did not cause damage to the apartment, except for normal wear, the landlord should return the full amount of your deposit with interest. Large and spacious 2 bedroom corner apartment at Vernon Manor Community. 0000006353 00000 n } Then the condo must rent the unit at the same price as agreed between me and the owner. Tenants have responsibilities to their building owners and other tenants - including not damaging the building, and responding to annual owner inquiries related to window guards, lead-based paint, and to maintain smoke and carbon monoxide detectors. justify-content: space-between; Renting in a New York City co-op can get you a bigger apartment with nicer finishes and amenities in a well-maintained building, but often there's one extra step to the application process: A board interview. background-color: #b8b6b8; Contact a Mortgage expert now (646) 760-5105. $1,920 The GreatSchools Rating helps parents compare schools within a state based on a variety of school quality indicators and provides a helpful picture of how effectively each school serves all of its students. margin-bottom: 0; Ask Sam: I saw my apartment on a listing site, but I havent received any notice from my landlord. 642 SF, Washer and Dryer in the unit.<br The ABCs of Housingis also available in the following languages: Click a topic, or press the enter key on a topic, to reveal its answer. Your landlord can enter your apartment at any time and without notice in an emergency, and at a reasonable time after providing appropriate notice if the entry is either: My landlord has changed the locks on my apartment. If the condo board application has to first go through the condos managing agent, do they have any say/input into the application (if not officially, then in practice)? padding: 13px 19px; border-radius: 5px; Moving to NYC after college? For Sale: 2 beds, 1 bath 810 sq. Stroll through Central Museum, visit Museum Mile, and explore the countless local restaurants and specialty boutiques. What's the difference between jumbo and conforming loans? It can take four weeks from when your application is submitted to get formal approval. 0000031390 00000 n 0000012466 00000 n StockByM/iStock/Getty Images Plus via Getty Images. } New York State Attorney General | New York State Attorney General If you don't know the status of your apartment, you can call DHCR at 718-739-6400 or access your apartment's rental history. Our Discretion, Your Advantage hb```b``AX,Sc8P!3EA0cY]6$r\T(:tXEZdKh p YH>XDw : v-:f^ K@ [08e |QVUo L,S5# H00zE@m I%: endstream endobj 365 0 obj <>/Filter/FlateDecode/Index[20 304]/Length 34/Size 324/Type/XRef/W[1 1 1]>>stream Your email address will not be published. However, if it's important to you to recognize and get to know your neighbors, condo or co-ops may be your better bet, says Andrew Sacks, an agent atCorcoran. line-height: 18px; This updated 1-bedroom, 1-bath coop offers an abundance of living space, closets and sunlight in one of the few luxury doorman buildings on Garth Road, Garth Manor. .su-cta { margin-top: 0; This typically consists of the last month's rent and the broker's commission. 0000014596 00000 n } No legal, tax, financial or accounting advice provided. flex: 0 0 27%; Its usually quick, no more than 30 minutes, Ackerman says. Is Investing in NYC Condos Still Worthwhile Given How Strict Condo Rental Rules Can Be? In many ways, it was a very nice place to rent:The building had a live-in super who was responsive, it was very clean, and well run. What Are Some Sample Condo Rental Rules in NYC? Hauseit is a Trademark of Hauseit Group LLC. Youll find a variety of bike paths and lanes. I had no complaints, other than my boot-wearing neighbor upstairs. When youre leasing in a condo or co-op you're usually leasing from an individuallandlord, rather than from a large corporate owner/developer. 0000024461 00000 n margin-bottom: 0; Good News! margin-top: 0; Condos come with few to zero use restrictions, which means you can rent or sell your property much easier than a co-op. } display: inline-block; .su-cta-action { In most cases, the actual NYC coop sublet policy . 0000028179 00000 n The Upper East Side is renowned for being of the most posh neighborhoods in New York City. :(. So you will get anapartmentwith a nicer aesthetic, and common areas like the lobby, hallways, and amenity spaces can be more well-cared for than mostNYC rental buildings. But sometimes, residents try to sidestep the board and allow a subletter to move in. Any lease must contain the provisions detailed in paragraph 25 of the rules and regulations of the condominium and attached hereto. StreetEasy is a brand and registered trademark of Zillow, Inc. Zillow, Inc. has a real estate brokerage license in multiple states. display: inline-block; Examples of harassment include verbal or physical abuse, consistent withholding of services, or persistent physical or mental intimidation. Sacks calls this a class system and says tenants are on the bottom. What are the responsibilities of my landlord? text-align: center; The owner was clearly not happy either but he eventually agreed to pay for the whole thing. See photos, floor plans and more details about 10 Sullivan St #8A in New York, New York. DHCR can also answer any questions about whether the amount of the increase is too high. } } The first step in buying a condo in NYC will be setting a budget for your purchase. justify-content: space-between; } margin-bottom: 0; Marie, I believe the new NYC rent laws that came out in 2019 only allow the listing broker to charge the tenant $20 maximum in application etc. They range from outright prohibitions on all subletting at one end to unlimited subletting at the other end. } I have a question concerning the new rental laws on NYC as far as city programs flex: 0 0 27%; margin-bottom: 0; She didnt appreciate being told what she could do inside her own apartment and came downstairs to scream at me outside my closedapartment door. A Full Service Listing for 1% Unlike a co-op, a condo board cannot reject your purchase unless the building itself agrees to buy the apartment for the same or a greater price than your proposed purchase. When renting in a condo or co-op, you need to knowthe buildingssublet policies and the owners long-term intentions as best as you can. Barron had one client who interviewed to sublet in a bigger building and the apartment was above the board president. 1. The typical move-in or move-out fee is ~$500, while the average deposit is between $500 to $2,000. I hear it's actually closer to $900 in some places. I guess, live and learn? The board really just wants to make sure you can afford the rent, because if you default, the shareholder of the apartment might fall behind on their monthly maintenance or common charges, which could impact the building. flex: 0 0 27%; HPD rehabilitated some of these buildings and, over the years, gave the tenants the opportunity to own their apartments and become shareholders in limited-equity . The allure of tax abatements, a Chelsea affordable housing lottery, & more, Co-ops may have some 'splaining to do, renting a penthouse, & more, What landlords must provide, renting in a co-op or condo, & more, What to know about adding skylights to your NYC brownstone or apartment, How to evaluate different types of NYC contractor bids when you're renovating, How to renovate a brownstone or apartment to get more natural light, New Yorkers moving out of state save more money on housing than taxes, 5 houses for sale in Margaretville, NY, a small town in the Catskills, 5 houses for sale in Sagaponack, the most expensive zip code in NY. What Is the Typical Condo Application Fee? Hauseit Group LLC co-brokes all listings in the Southeast Florida MLS. The process used to take anywhere from two to six weeks, but now, with boards doing reviewing packagesonline and meeting via video conference, it is faster,says. The content of this web site may not reflect current legal developments. The trick is to find a building that allows longer-term rentersmany have a limit to the number of years someone can rent an apartment in the building, he says. Condo located at 376 West St Unit 5A, New York, NY 10014. Your email address will not be published. .su-cta-action a:hover { 8.7 mi. What's the difference between jumbo and conforming loans? 0000030624 00000 n New York, NY 12345. .su-cta { Hauseit is a Trademark of Hauseit Group LLC. align-items: center; An occupant who has lawfully lived in the apartment for more than thirty days (with or without the lease). The management company asked for total of $1500+ to move in and took 20 days to get the approval. } Visit Fair Housing NYC for more information. } } Contact Us. This is a mistake for owner and renter alike, and the board knows that and has set policies accordingly as much to the extent they are allowed. } Your credit report assures them that you can afford to pay the HOA fees and . padding: 13px 19px; These laws are enforced by the New York State Division of Housing and Community Renewal (DHCR). We are presenting it again in case you missed it.]. Quick and Easy approval process. } Learn More, .su-cta { 0. Note that this is pretty much a rule of thumb for most, but not all co-op owners. border: 2px solid #3a3a3a; .su-cta-action { } Here's how to do it, How buying real estate in NYC is unlike anywhere else, A guide to using a no-fee renovation loan from a NYC real estate firm, How to make your NYC renovation more pet-friendly, What to know about buying in Briarwood, Queens, where you may score a house with a driveway and garage. The main difference between a condo and co-op board application. Its important to be humble and allow the questions to be asked before you give an answer, she says. 0000006639 00000 n background-color: #b8b6b8; @media screen and (min-width: 992px) { After six months, rents will be raised by 1.5%. } If I was a condo owner I'd be seriously pissed: a condo that can't be rented as easily as others ought to be worth less on the market. Increase is too high. on the bottom StockByM/iStock/Getty Images Plus via Getty Images. the detailed! Explore the countless local restaurants and specialty boutiques credit report assures them that you can boot-wearing upstairs! Regard than they do the buildingsrenters, he says this web site may not reflect current legal developments local and! To get formal approval contain the provisions detailed in paragraph 25 of the most posh neighborhoods New! Consistent withholding of services, or persistent physical or mental intimidation a real estate license. Bath 810 sq background-color: # b8b6b8 ; Contact a Mortgage expert (. 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