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Condominium Rentals in NYC

June 20, 2017 by rae steinbach

If you’ve looked up rental apartments in NYC before, you’ve probably come across the term “condominium”. In dictionary terms, a condominium rental or simply a condo, is a housing option where the tenant owns a portion of the property. This represents an alternative to the other option of renting it from a landlord.

Condominium rentals in New York City are becoming increasingly popular in the past few years. They’re more expensive than the average sublet, but provide so much more. If you’re someone who has the resources to bypass cheap NYC rentals for a living situation with a lot of freedom and luxury amenities, then renting a condo in NYC is the right choice.

How Much Does A Condo Actually Cost?

As mentioned before, a condo rental is unique in that you own a share of the total building. Once you buy a unit in the property,  you’re able to do with it as you see fit. You can rent it out, decorate it to your liking, etc. This flexibility comes with a price, though. These condos are more expensive than their related housing option, co-ops.

Although there is no fixed, monthly rental fee, the tenant is still in charge of maintenance and other fees. These are collectively referred to as “common charges”, which can be pretty hefty. If you’re thinking about renting a condo in NYC, you should make sure you have an idea of how much these monthly fees can fluctuate. If the building adds new facilities or undergoes renovation, for example, this will increase the monthly charges.

The Application Process

While having your own freedom is the highlight of condominiums in NYC, it also makes getting one more difficult. Renting a condo usually involves a long application process, whereby the application board determines if you’re fit to own a share of their property. Compared to cooperative housing, though, the application process of a condo is less extensive.

The Fee Structure

According to the 2015 Quarterly Elliman Report, two-bedroom condominium rentals in NYC cost an average of just under $2 million. A three-bedroom condo costs approximately $4.65 million. The price of condo units in New York increases every year. Therefore,  if you’re interested in buying a unit, it’s best to act quickly.

Additionally, the closing costs of a condominium are pretty high. Included in this are the charges of title insurances for the lenders and the purchasers, title searches, recording fees, and taxes. The total could very well hit or exceed $40K. When looking for any type of apartment in NYC, it’s important to be aware of all of these hidden fees that lend to the total cost. Regardless of your budget, you should be aware of what your rental will cost.

Features of Condominium Rentals NYC

The architecture of condominiums in NYC are usually expansive and modern-looking. Some high-end condos are built as tall skyscrapers with glass walls. The appeal of a condo is heightened with its awe-inspiring appearance. As a result, many buyers look at the outside of the condo as part of the whole in order to make a purchasing decision. Given the amount of money you’ll be spending, this level of critique is recommended.

Almost all condominiums rentals NYC have the basic luxury amenities. This includes a doorman and superintendent on staff. Others might have even more extravagant features, like housekeeping, gyms, and even spas for your pets.

People who choose to live in a condo usually intend to stay only for the short-term. Part of the condo lifestyle includes seeing new faces around the estate quite often, with neighbors changing frequently. Also, unlike co-ops, there aren’t a lot of strict house rules in condominium rentals. Condominiums are for those who are looking for a living situation that offers the chance to meet new people. They also let you experience a dynamic lifestyle.

Finding the Right Condo For You

It doesn’t matter if it’s your first time looking for a place to live in New York City or you’re a native New Yorker looking for a lifestyle change. At Short Term Rentals NYC, we make it easier for you to find you the ideal condominium rentals in NYC. We offer 30-day plus rentals across all the major neighborhoods in NYC. This means you have plenty of options to rent a condo in an area that’s tailored perfectly to your needs.

So you’re someone looking for freedom, stability, and better amenities when you rent in New York City. Let STR help find you just the right condo. With our customizable features that range from location to features, we make the search for a condo in NYC a breeze. Plus, our customer service specialists are here to help the whole way through. We’ll even lead you through those tedious condo applications and make sure you’re settled in your new NYC condominium. Here at Short Term Rentals NYC, we’re apartment experts. Let us help you find the condo of your dreams!