Co-op Rentals in NYC
For years, cooperative housing, also known as co-ops, has been the most popular form of rental housing in New York City. However, the recent popularity of condominium rentals has introduced competition to the market. This has diminished the appeal of co-op rentals in NYC. Many new tenants now prefer a private lifestyle like what they can get from a condo. However, the amount of co-op rental housing in NYC still outnumbers them (268,000 co-ops versus 112,000 condominiums).
If you’re confused about whether you should stick with the conventional cooperative housing or jump on the condo bandwagon, here is a quick overview of what co-op rentals in New York City have in store for you.
Defining a Co-op Rental
Cooperative housing consists of tenants getting a share in a corporation. Instead of having entire ownership over the building or apartment, as is the case with condominiums, buyers own a unit or a share. As a result, co-op residents enjoy objectively less autonomy than their condo cohorts.
A lease must be signed that includes an array of rules and regulations. These mandates include the time period of your stay, your roommates, renovation rules, and more. Essentially, co-op tenants are truly tenants, and not owners of the building. As a result, damage to the property or any similar issue gets treated in accordance with landlord-tenant law. This is a benefit to renting a co-op in that any issues are not your own to fix. Instead, they can be brought up to management or other regulating body.
Board of Approval & House Rules
Here’s where renting a co-op in NYC get tricky: Unlike condos that have a relatively lax board to choose the prospective owner, co-op boards are much stricter. The co-op board is in charge of handing down the rules to the tenant. Additionally, they interview them to ensure they will be law-abiding, respectful residents.
Be prepared to face a lot of paperwork, detailed interviews, and even the possibility of rejection. The board has complete authority to reject a prospective buyer in both co-ops and condos. They may not divulge the reason for rejection, though more often than not, it is due to a lawful reason.
Members of the board are hand-picked by the current shareholders. The board then decides on the most responsible and trustworthy tenant to rent the unit to. The approval process can sometimes take over a month, and the application fee itself is hefty.
Most co-ops have set rules on certain things. For example, subletting is usually discouraged or not even permitted. If you’re thinking of subletting an NYC apartment, cooperative housing isn’t the best idea. Other, more specific rules of the corporation may include not using your phone on loudspeaker in the lobby or keeping a dog in the vicinity.
The selling point of a co-op is its lower prices compared to a condo. Since co-op rentals in NYC have been around for a long time, these buildings tend to appear more old-fashioned than when compared to modern condominium facades. This brings down the overall price of co-ops and encourages mid-range buyers to turn to cooperative housing.
Co-ops also tend to be cheaper than condominium rentals because of the board approval process. The cost of the time and energy it requires to buy into a co-op leads to a monetary price reduction.
The monthly maintenance fee and property taxes are paid collectively by the shareholders. In case of renovation or a new amenity installation, shareholders might be asked to pay extra. Condos, on the other hand, have monthly common charges. On first glance, monthly bills might seem cheaper in condos than co-ops but in a condo, property taxes have to be paid individually by the owner. This brings up the total living expenses in a condominium rental in NYC.
If you’re more of the social, outgoing type who values a neighborhood feel, co-ops are an excellent choice for you. Co-op rentals in New York City promote a peaceful environment with neighbors to bond with. Compared to condos, co-ops also have more helpful amenities on hand.
Co-op buildings usually include a common dryer and washer, as well as spas and gyms. Condos are much more varied and may not carry all of these amenities. Furthermore, condos tend to be located in less desirable, inconvenient areas of the city.
Find the Co-op of your dreams with STRNYC
If you’ve decided to choose cooperative housing and you’re ready to start the hunt, we’ve got you covered. At Short Term Rentals NYC, we make it easy for you to find the best co-op rentals in NYC. We offer 30-day plus rentals across all the major neighborhoods in NYC. With us, you have plenty of options to rent a co-op in an area that suits your needs.
So you’re into the peaceful environment and getting to know your neighbors: Just let STR help find you the right co-op rental in NYC. With our customizable features that range from location to features, we make the search for co-op housing a breeze. Our customer service specialists are here to help you the whole way through, even advising you through the extensive board approval processes.
With our expertise and your personal preferences, we can ensure you find the co-op home you’ve been searching for all this time.