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January 23, 2008
Small Co-op, if we wanted to charge a fee for renting apartments
Hi,
It is a really small, self- managed co-op. We are trying to make everything equal. Usually, one apartment is the super for the month. Some apartments have tenants, instead of being owner occupied. I know a lot of co-ops charge to keep the units owner occupied. We are trying to find an equitable way of doing this. How much do co-ops usually charge for not living there?
Thanks,
Comments
I've heard of fees ranging between 100-200.00 per month, maybe a % as well but don't recall an amount. I happen to sublet/rent out a couple of coops that I own and although I've been told about fees, in the end I've never actually been charged.
I never went back to ask why or offer, so figured its best to leave it alone. I guess this is a strategy by the coop to promote ownership and scare off potential investors.
Posted by: guest at January 23, 2008 6:17 PM
Our co-op adds on a 20% sublet fee.
Posted by: bren at January 23, 2008 6:48 PM
How about just disallowing it altogether, or only allowing it for a finite amount of time and just charging a deposit that is returnable? I belive that is what my co-op requires.
Posted by: guest at January 23, 2008 6:55 PM
If you do decide to charge fees make sure it is one time only not monthly.
Posted by: Ysabelle at January 23, 2008 8:03 PM
Split the fees between the coop owner and the potential tenant equally.
Posted by: Ysabelle at January 23, 2008 9:23 PM
We have an 8 unit co-op and we charge $1 per share. For example, if you have 150 shares in the co-op (for your size apartment) then you need to pay an additional $150 ($1 for each share) per month on top of your regular maintenance.
Posted by: guest at January 27, 2008 1:05 PM
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