Renter's fee in self managed co-op ?

We are a self managed 8 unit co-op that relies on it occupants to share the workload of maintaining the building. As more owners cease to occupy their apartments in favor of getting tenants in, we are considering imposing a fee to owners renting out their unit. Has anyone else done this and how did you work out what the fee should be? We are under pressure to make a decision about this within 24 hours! Thanks!

dawnc

in Landlord 11 years and 10 months ago

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bklyngirl | 11 years and 10 months ago

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Maybe it would be helpful you all of you to retain an attorney to help you navigate questions such as these. I am sure there are other Co-ops doing what you are and it may save you headaches in the future. Good luck.

slopegirl | 11 years and 10 months ago

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our eight unit coop had a rule that no more than two apartments could be sublet at one time. Apparently banks have a rule that less than eighty percent owner occupied is a problem… I don’t know if this is true but that’s the rule we had. We had I think a twenty percent fee above the usual maintenance for sublets.