New York's Cooperative and Condominium Community
Yes condo owners can rent, but limitations can be set, e.g.: one must own their apartment for one year before renting. And there is a rental fee imposed by the condo association. Also, no more than nn% of the units can be rented at any one time. Limits can be set, e.g.: no more than a two year rental without renewals.
Carpets can be required as we move the exiting proprietary lease ands bylaws to a condo association, per our attorney. So, the carpet argument may not be entirely valid, unless one has more information.
Condo purchaser qualification vs. co-op purchaser qualification can be a bit challenging. Out thought is that condo prices are typically substantially higher than the co-op prices. Thus, those who can pay outright have the wherewithal to pay maintenance and taxes. Those taking condo mortgages will be screened by the banks.
As for noise and objectionable conduct or odors, that’s a good one, and I’ll ask our attorney.
Thanks much.
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