What is the difference between renting in a rental building versus a co-op or condo building?
[TOP] The application process in a rental building involves submitting the application to a landlord with a credit check. Usually, the landlord will let the renter know immediately of his approval. The lease term can be one or two years with an option to renew. Many landlords expect leases to be executed immediately and funds made available within 24 hours. In a co-op sublease situation, the applicant must provide a lengthy application package, have a formal interview and wait for acceptance. Co-ops limit the terms of the sublet to one to two years. The condo approval requires a package, no formal interview and is significantly faster than the co-op process. The length of the lease is more flexible in a condominium.
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