Rules for Renting
The Condo Advantage...
One of the main advantages of owning a condo is the right to rent your unit without many restrictions. Renting an apartment can be profitable or even a lifesaver, if you need to downsize for a period of time. Once you rent the apartment, you create a "landlord-tenant" relationship with your renter. That relationship is governed by a set of very specific (and technical) laws enacted by New York State and New York City. Those laws tend to favor your tenant, but the “Landlord-Tenant Part” of the Civil Court of New York City does offer a judicial forum, albeit not necessarily a speedy one, for resolving issues that can't be settled by mutual agreement between the parties.
First, A Word About Co-op Subleases
Although co-ops are much more restrictive, many co-ops allow sublets for a limited period of time, with other restrictions frequently in play (like only being able to sublet if you have extended work out of town or for financial hardship). The process for approval of a co-op sublet can be as intrusive as a purchase application. All parties should be aware of the process and the proposed sublessee should be willing to disclose the financial information required by the co-op. Most of the following concepts also apply to the sublease of a cooperative apartment.
There are a number of business related issues that condo owners should consider when entering into a lease. For more on what to know when renting your condo or co-op, see "Rules for Renting", available from iTunes , Amazon and Barnes & Noble.