Subletting your rental, co-op or condo sounds like a great idea, but when the opportunity knocks, or you decide you could really use the money, chances are you’ll wish you had gotten your ducks in a row months earlier. There are concrete steps to take if you want to do it legally, and I can’t advise that you to do it any other way. Sure, sometimes it seems that in the city everyone is subletting under the table, but as in most things, the price of getting caught makes it not worth the attempt.
There’s a timeline to follow depending on your situation:
- Check the policy of the landlord, management or co-op board before you move in to a place.
- If you’re a renter in a co-op building, seek clearance six months in advance.
- If you’re a shareholder in a co-op, three months in advance
- If you’re renting in a condo building, two months in advance
- If you’re a condo owner or renting in an all-rental building, one month in advance
If you want to have subletting as an option, your homework starts before you even sign a lease or a contract. You may have never thought about subletting, but it is something to take into account when you’re glossing over the fine print. This goes double if you lead a seasonal life, for example, if you are a teacher or otherwise anticipate a regular vacation slot. Is there a written policy on subletting listed in the agreement? Once you’ve signed off on something, there are usually no backsies.
The lead times listed above might be overkill, but then again, they might not be. Think about it. You owe for your rent or maintenance no matter what, so the powers that be have no incentive to expedite your request for permission to sublet. If you happen to be a renter in a co-op building, you are the lowest one on the totem pole. The co-op board may only meet once a month and might have too much on their plate when they do meet to consider your request. The building management might also have to give approval; it’s up to you to find out.
Photo Credit to Flickr User Sarah_Ackerman
A co-op is going to want to have a say over exactly who they want to allow in their building. Think about how much lead time it could take to go through individual rental applications. Most sublet-seekers aren’t planning that far in advance. Best to get squared away on the building’s policies and what kind of renter would be acceptable. Then you might be able to cut down on the lead time. Of course, if yours is a brownstone co-op and the “board” is just one person, this process might just go a lot faster.
In theory, you will get greater consideration if you are one of the shareholders in a co-op, but similar potential for delay exists unless you are one of the people on the board deciding what business gets taken up at the meetings. Even then, you might be left out of the decision process because of a perceived conflict of interest, and there may still be the building management to consider.
With condominiums, the process should be far easier. The managing agent is less likely to say no, or be inclined to care about the moral character of the subletter. That being said, some buildings’ subletting policies include hefty fees that the owner will have to pay on top of regular maintenance. For instance, some buildings in the high 60s all the way west have the highest subletting fees I’ve ever seen. They could be $2000 or more. Since it is debatable whether the building incurs any extra costs associated with subletting, such fees seem designed simply to discourage the practice.
Photo Credit to Flickr User Ed Yourdon
Co-op boards, landlords and managing agents have almost nothing to lose by saying no, so if you hear that answer too quickly, and you’ve signed nothing prohibiting the practice, you just might want to check out your rights. If you are a renter, your first stop could be the New York City Rent Guidelines Board.
If you are fortunate enough to get to “yes”, now there’s every manner of logistical question to consider. It starts with where to advertise and goes on from there. You could use Craigslist or sublet.com. If it’s a short-term deal or you are interested in getting top dollar from vacationers, then AirB&B is another site that might be of interest.
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