3 Questions to Ask Before Applying for a Condo Rental or Co-op Sublet

By Deborah Miller, Licensed Real Estate Salesperson

Applying for a co-op or condo rental can sometimes seem daunting, especially if you are new to the process. When approaching your application process, ask yourself the following questions:

1. Do I have the 3-4 weeks to wait for the (typical) approval process, and a place to live in the meantime?

2. Will I be okay with losing around $600 if my application is rejected? (Keep in mind that application fees are almost always nonrefundable.)

3. Is a 1-2 year lease what I am looking for? (Most co-ops have a maximum time cap)

The above time cap is a bank-driven policy, as banks prefer a minimum number of primary residents subletting their co-ops to sublettors at any given time.

Keeping these questions and time parameters in mind can save a lot of stress and surprise as you navigate your rental journey.

Deborah Miller, a Licensed Real Estate Salesperson with Brown Harris Stevens, writes from Harlem and is a great resource for savvy real estate pointers. Find Deb and her Senior Broker, Ariela Heilman, online at arieladeb.com