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:
Do I have the 3-4 weeks to wait for the (typical) approval process, and a place to live in the meantime?
Will I be okay with losing around $600 if my application is rejected? (Keep in mind that application fees are almost always nonrefundable.)
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.