Approval process for Manhattan condo rental

I am in the process of renting out my Manhattan condo in a somewhat boutiqu-ish building. There are 12 units. How long does the typical approval process take? The board is suggesting 3-4 weeks which would kill my chances of renting to this particular applicant. What actions can I take to pressure the board? The condo board wants $500 per application. One for the tenant and one for the guarantor. Does that number sound out of line? Sounds very high to me.

decoart

in General Discussion 6 years and 9 months ago

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resident2 | 6 years and 9 months ago

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Yes: Condo boards can change their rules about how they approve rentals as well as sales. Many are getting far worse than Co-Ops.
There are many Condo’s that can no longer get Bank financing because there are too many rental investors / not enough owner occupants, so many Condo’s are getting wise to the problem.
When it comes to sales with the right of first refusal, many Condo Boards just keep asking for more financial info of the buyer; to see if they want to exercise their right to buy… month after month until the buyer that the board does not want or the seller give up and walk away from the deal. Dragging out the process.

decoart | 6 years and 9 months ago

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@ soundhoner yes condo rules can change over time. This typically requires a vote. In my case, sometimes the rules change when the board feels like changing rules in order to protect against a situation they haven’t planned for.

soundhoner | 6 years and 9 months ago

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resident2, that’s interesting because a lot of people purchase condos specifically for the freedom to rent that co-ops don’t provide. Otherwise, why not save the 30-50 pct (or whatever) price premium and purchase a co-op?

Can condo rental rules change over time?

(Happy I purchased a house instead).

resident2 | 6 years and 9 months ago

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Each Condo board makes their own rules on such matters and many Condo Boards are making it more difficult for owners to rent out these days. The Wild West approach of condo owners being able to do what ever they like are gone or going fast for any building that has any element of quality control.
No there is typically no way to put pressure on them, if you do, they may well make your item the bottom of their agenda & put it over to the next months meeting!