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I'm young (< 25), and have saved up enough to buy property in NYC. However, I may go away to grad school in the future, and don't want to pay 12 months of maintenance fees for a place I won't be living in.
Would I be allowed to rent out my condo / co-op to a student if I happen to go away to grad school? It would be temporary of course. If so, would I have to pay a years worth of maintenance fees upfront? Thanks.
I agree with Henna.The answer is:for a condo probably yes,for a coop probably no.
The strict no rental policy of most co ops is seen as a negative and an infringement by some people and as a positive by people concerned about the quality of life in their building.I'm with the quality of lifers.Owners are generally quieter and more concerned with keeping things in order.
If the board does allow rental of a co-op, many will charge an extra maintenance fee each month for the rented unit, and can require the applicant to pass the financial and social qualifications as if they were purchasing the unit.
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All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.
~William Shakespeare (As You Like It Act II, Scene VII)
My co-op permits shareholders to rent it for 2 years out of every 5. But as the other posters have stated, the tenant will be expected to pass muster as far as their finances, board interview, etc and there is a sublet fee which I amounts to one months maintenance.
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