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Foreign Policy Analysis
NYC Coop Sublet Policy, Rules and Fees – What are the Rules and Fees for Subletting a Co-op in NYC?

NYC Coop Sublet Policy, Rules and Fees – What are the Rules and Fees for Subletting a Co-op in NYC?

Can you sublet a co-op
apartment in New York City? What are the rules and fees
associated with subletting a co-op? If you are considering buying
a co-op, it’s important that you are aware of the rules and
fees imposed by co-ops for sublets. How do I find out a
co-op’s sublet policy? An experienced buyer’s agent can
help you navigate the complexities of each co-op building here in New York
City, including the sublet policy. In addition to receiving free
professional advice and representation, you can save money on your purchase by requesting a NYC broker commission
rebate from your buyer’s agent. Can I sublet a co-op
in New York City? Sometimes. Although most co-ops in NYC encourage
high levels of owner-occupancy, the specific sublet policies
of co-op apartments in New York City vary
widely by building. Most buildings do permit shareholders to
sublet their units from time to time. Compared to condos however,
co-ops in New York City are not generally viewed as being
‘investor friendly’ assets. What types of co-op sublet
policies exist in New York City? Co-op sublet policies
vary by building, however the most common sublet policy
permits 1 to 2 years of subletting in each five year period,
once the owner has lived in the unit for at least two years. Some co-ops either fully
prohibit subletting or permit an unlimited amount
of subletting by shareholders. What are the fees for subletting
a co-op apartment in NYC? To discourage subletting
and to increase revenue, most co-ops charge
shareholders a sublet fee. These fees can be
anything from fixed fees, fees based on the
number of shares owned, monthly fees as a percentage of
maintenance, increasing fees over time, to sublet surcharge fees based on
the size of the unit being rented.

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