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What are the rules and fees for subletting a NYC co-op?

Can you sublet a co-op apartment in New York City? What are the rules and fees associated with subletting a co-op? If you are considering buying a co-op, it’s important that you are aware of the rules and fees imposed by co-ops for sublets.

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How do I find out a co-op’s sublet policy?

An experienced buyer’s agent can help you navigate the complexities of each co-op building here in New York City, including the sublet policy. In addition to receiving free professional advice and representation, you can save money on your purchase by requesting a NYC broker commission rebate from your buyer’s agent.

Can I sublet a co-op in New York City?

Sometimes. Although most co-ops in NYC encourage high levels of owner-occupancy, the specific sublet policies of co-op apartments in New York City vary widely by building. Most buildings do permit shareholders to sublet their units from time to time. Compared to condos however, co-ops in New York City are not generally viewed as being ‘investor friendly’ assets.

What types of co-op sublet policies exist in New York City?

Co-op sublet policies vary by building, however the most common sublet policy permits 1 to 2 years of subletting in each five year period, once the owner has lived in the unit for at least two years.

Some co-ops either fully prohibit subletting or permit an unlimited amount of subletting by shareholders.

What are the fees for subletting a co-op apartment in NYC?

To discourage subletting and to increase revenue, most co-ops charge shareholders a sublet fee. These fees can be anything from fixed fees, fees based on the number of shares owned, monthly fees as a percentage of maintenance, increasing fees over time, to sublet surcharge fees based on the size of the unit being rented.

Full Article: What are NYC co-op sublet policies, rules and fees?