Three questions to ask before applying for a co-op sublet or condo rental

Wondering why that co-op sublet is so well priced?

  1. Do I have the 3-4 weeks to wait for the (typical) approval process and a place to live meanwhile
  2. Am I ok if my application is inexplicably rejected and my $600 (approx.) non-refundable application fees are out the window
  3. Am I ok with a 1-2 year max opportunity to rent at this address (most co-ops have a max time cap)

Why is only 1-2 years typically permitted on a co-op sublet: it is a BANK driven policy which prefers that a minimum number of primary residents are subletting their co-ops to sublettors at any given time.

Deborah Miller writes from HARLEM.