Is there a fee for renting a co-op?

Some co-ops also request an application fee for the review and processing of your co-op board rental application. In addition, co-ops can also issue additional maintenance fees to co-op owners that sublet their apartments.

What to consider when renting an NYC co-op apartment?

They own shares in a corporation that provides them with a proprietary lease on that specific unit. When you’re renting a co-op apartment, you’re actually subletting the apartment from the co-op shareholder who holds that lease on the unit. As a result, this raises several things you need to consider when renting an NYC co-op apartment . 1.

Who is the owner of a co-op apartment?

Unlike condos or rental buildings owned by large real estate companies, the owners of co-op apartments do not own the physical apartment. They own shares in a corporation that provides them with a proprietary lease on that specific unit.

What happens when you Sublett a co-op apartment?

They own shares in a corporation that provides them with a proprietary lease on that specific unit. When you’re renting a co-op apartment, you’re actually subletting the apartment from the co-op shareholder who holds that lease on the unit.

Some co-ops also request an application fee for the review and processing of your co-op board rental application. In addition, co-ops can also issue additional maintenance fees to co-op owners that sublet their apartments.

What’s the difference between co-op fees and condo fees?

The main difference between co-op fees and condo fees is that a co-op fee typically includes an underlying mortgage and property taxes, in addition to any amenity, maintenance and utility costs.

They own shares in a corporation that provides them with a proprietary lease on that specific unit. When you’re renting a co-op apartment, you’re actually subletting the apartment from the co-op shareholder who holds that lease on the unit. As a result, this raises several things you need to consider when renting an NYC co-op apartment . 1.

Do you have to pay extra for co-op?

But he said that there are plenty of buyers that will pay that extra amount to have help with their groceries or have someone to take their packages during the day and act as an extra layer of security for the building. “The bottom line is that no one wants to pay a fee,” Himali told UrbanTurf.