in this video we're going to talk about why you should be very careful
when renting a co-op apartment in new york city i'm Nick at Hauseit
visit our website hauseit.com to learn how to save money if you're looking to buy sell or rent
here in new york city long island the hudson valley or south florida so let's get started
so in this video we're going to tell you why you should be very careful when renting a co-op
apartment here in new york city but before we go into the various risks associated with renting a
co-op we want to be very upfront and clarify one thing by and large co-ops are well-run buildings
in new york city there's generally no issue you should anticipate or expect when renting a co-op
of course you hear horror stories and there are real risks as we'll explain but we would never
categorically exclude co-ops as an option if you are looking to rent in new york city because there
are always quite a few of them on the market and if you exclude them from your search completely
you will probably be worse off so anyhow now let's get into the weeds so one of the reasons
why you should be very careful when renting a co-op apartment in new york city is because of
the uncertainty in terms of the timeline when it comes to the co-op board approval process
now generally speaking most co-ops respond to rental applications within four weeks that's
already a long time compared to a rental building where you would submit an application and hear
back you know sometimes in a matter of days or potentially same day so already you're at
a disadvantage with a co-op but the problem with the co-op is that there's no ceiling in terms of
when they have to respond or how long they could take to review and respond to your application
most co-ops will save 30 days and of course responsible co-ops typically can go faster than
that should never assume that but the risk is that you essentially get in bed with a co-op that is
unorganized incompetent has a vendetta with the landlord the person whose apartment
you're trying to rent and as a result they exceed the 30-day estimate for reviewing
and responding to your application this type of uncertainty is quite frankly unacceptable
when you're looking for an apartment to move into because you probably have a very specific timeline
that you need to meet having moved out of your other apartment or having to move into the city
safe for a job within a certain period of time so just to summarize one of the main risks with
renting a co-op is that the board could take forever to review and approve your application
and that could wreak havoc in terms of your plans for moving into a new apartment
another reason to be careful when renting a co-op apartment in new york city is because of the fact
that the application itself can be very extensive and it could potentially take a large amount of
time on your part to go through the motions and complete and submit it now we like to say even
when you're buying a co-op in new york city the board application process is not that difficult
it's like a middle school book report if you pass middle school with gpa above 3.0 you can do a
co-op board package but we're not in middle school we have commitments we have jobs we have families
and it's a real time sink to do the application and the reality is that the rental application
for a co-op is substantially similar to the one that is put forth if you're actually looking to
buy the co-op apartment so as a result before you basically just go home go into renting a
co-op apartment take a look at the application and just make sure that you know you have the capacity
to you know put that together within a reasonable period of time now we do want to make sure we we
remind you of one thing new york city and the rental market when it comes to both condos and
co-ops is paperwork heavy and what we mean by that is your typical condo building these days
in new york city will also generally have a pretty annoying and pretty extensive application which
requires you to submit a whole bunch of documents so although we're saying in this video you know be
a bit careful if you're thinking about renting a co-op the reality is that this particular
point that we're making right now theoretically applies to condos as well so if you don't want
to deal with any red tape any bs any delays whatsoever and you just want a place to rent
you really need to consider rental buildings in other words a building that is owned by
one individual or one entity because there is no corresponding bylaw board approval type of process
that you have to deal with so we hope you found this video to be helpful and if you have any
questions leave a comment below or send an email to team@hauseit.com team@hhauseit.com if you
are looking to buy sell or rent here in new york city we have several ways to help you save money
visit hauseit.com to learn more i'm Nick at Hauseit and we'll see you on the next video