in this video we're going to talk a little bit about how the condo rental
process works in new york city i'm Nick at Hauseit visit hauseit.com to learn how
to save money if you're looking to buy sell or rent 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 talk a little bit about how the condo rental
process works here in new york city you'll find this video to be useful
both if you're a renter considering a condo unit or if you're a landlord
looking to rent out your condo apartment for the first time
the first thing to think a little bit about is
what condo ownership means with respect to board approval for a renter as is the
case with co-ops in fact condos also do have an application process and an
approval process for tenants who are looking to rent in the building
now typically both condos and co-ops will have a rather extensive application
which will be required for the tenant to submit prior to approval and of course
that means prior to moving in now of course in general the co-op will
probably ask for a few more things but we've seen some pretty intense condo
board applications here in new york city so if you are a landlord and you're
thinking about renting out your apartment the first thing to do is
contact your building's managing agent and request a copy of the sublet
application sometimes they'll also call it the sublease application and so forth
so get that documentation and read through it and just you know make sure
that you have a handle on the fees the process what's required and the
turnaround time now for a condo usually the board has between 20 and 30 days as
per the bylaws to review a prospective renter's application and issue what's
called the waiver of the right of first refusal this jargon or legalese is
basically referring to the process when the condo you know quote unquote rubber
stamps the tenant and this is required you know regardless of whether it's a
smaller large condo building every building does have
a procedure which you should definitely make sure
you're following now that being said sometimes smaller buildings maybe
self-managed buildings are a lot more la say fair about it
but regardless there really is some documentation for every building so just
make sure you're you're in touch with management your board your neighbors
just try to do what everyone else has done try to follow the rules because if
you don't and perhaps someone on the board doesn't
like you they might single you out and give you a hard time with your tenant
now if you are a tenant and you're thinking about renting a condo apartment
just be aware that for the reasons we've discussed there is an approval process
and while in the case of a condo there's not a meaningful risk of the application
being rejected you still may very well have to wait that full 20 or 30 days for
approval therefore you cannot necessarily move in
right away so you know depending on when your move-in date is if it's like two
weeks from now you basically can only consider rental buildings buildings
which are owned by one landlord they usually have a much quicker approval
process because there isn't that same condo board and bylaw type of structure
but of course you know if your move-in date is
six weeks from now or you know some reasonable time in the future you know
then a condo should be fine you don't have a
real high probability of you know being
rejected or so forth as is the case with the co-op so you know just view the
application process as being part of the cost of living in new york city like we
said condos co-ops they're starting to all really have really intense
applications so i wouldn't totally discount
a condo if you are you know looking to rent something in the city that being
said i would be very careful renting a co-op that's not to say that you know
your typical co-op is pretty efficient with the process they are the difference
though with a co-op is that of course the board can reject the applicant
who's put forth the application and put in all of that time and investment
without any obligation to do something in exchange
and what we mean by that is you know in the case of a condo when
they issue that quote unquote waiver of right of first refusal that means
they're saying they don't want the building to actually rent the unit
instead of you so the condo could reject your application but then they would
have to actually rent the apartment for the same rental price that you've agreed
with the landlord that same obligation is not extended in the case of a co-op
co-op can just reject you and that's it that's it they don't have to do anything
in exchange it costs them very little to reject you so
you know if you really are very focused on moving in and you you don't want to
have any unnecessary risk as a tenant in new york city you definitely should not
consider a co-op apartment so now let's move forward a little bit
so you know let's say that you know you like the property and you want to submit
an application first of all with the condo you'd have
to of course negotiate the terms with the landlord so you know if you have a
tenancy agent your agent would submit an offer to
the landlord's agent much as would be the case with a resale so you know
you're going to submit your rental price move-in dates
you know any other parameters you may have if there's furniture what furniture
you'd like to remain and so forth so you need to have an accepted offer
first and thereafter then you would actually go ahead and submit the condo
application now once the application is submitted for a condo as we mentioned
typically they have 20 or 30 days to review
the good thing with the condo is if the condo board does not respond within the
mandated time frame most buildings bylaws give you the right to essentially
move forward in other words you're automatically approved that is not the
case with the co-op so going back to co-ops real quick you have a two-fold
risk a they could reject you um and or b they could they could take a tremendous
amount of time to review the application thereby you know blowing past your
desired move-in date now once your application is approved
then you would be looking towards a move-in date so make sure to check with
the management of the building to find out what requirements they have for
move-ins you most likely have to register in advance for a particular
date and time and you'd also need to typically put forward insurance standard
type of insurance coverage for the mover who will be helping you out
and certainly on the day you move in it's very important to do a thorough
walk through of the apartment this is especially acute because you are
basically living in the apartment owned by a single person that person could be
a normal person they could be an ocd person they could be very last affair
but you just don't know so it's very important to make sure that you have
copious amounts of photos and video to make an accurate reflection and record
of what the apartment condition is at the time you move in that'll make it
easier for you to get your security deposit back later down the line
if you are a landlord we can help rent your apartment through our Hauseit
Rental Listing Service to learn more visit hauseit.com or give us a call
888-494-8258 we hope this video was helpful and of
course for any specific questions you may have feel free to leave us a comment
below we've already given you our phone number and you can also email us team@hauseit.com
team@hauseit.com i'm Nick at Hauseit and we'll see you on the next video