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How to Rent a Co-op Apartment

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Co-ops are very popular.

There are many housing co-operatives throughout the United States. As a popular alternative to the outright ownership of a condominium, co-ops have their pros and cons. Co-operatives are operated by housing co-operative corporations that own the residential building and then afford each shareholder legal rights to live in one of its units.
If you're a co-op member, you do not own your apartment. Rather, you own shares in the corporation that owns the building, which gives you entitlements to the property.
Each co-operative sets in place guidelines and regulations for its corporation. You must abide by these rules to maintain ownership of your shares. Though co-operatives may have strict rules, some may allow you to rent a unit to a nonmember.

Things You'll Need

  • Good credit
  • References
  • Down payment
  • Contract agreement
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Instructions

  1. Locate Your Co-op Rental

    • 1

      Locate a building that offers co-operative opportunities. Some buildings may allow their co-op members to rent their apartments to nonmembers. Check the renting guidelines of the co-op building of your choice.

    • 2

      Follow the requirements set forth to rent the co-op apartment from its co-op shareholder. Fill out any application, bring in supportive paperwork, provide references and be prepared for the financial payment due. If the co-op allows its members to rent at their own discretion, then the shareholder may approve you as he so chooses.

    • 3

      Wait for the response of the co-op's board of directors. If it does not allow shareholders the freedom to rent, then it will review your application package. Again, each co-operative has its own guidelines and procedures.

    • 4

      If you receive a positive response, be ready to follow the guidelines and pay the required fees. Co-operatives are very much concerned with the stability of their invested share in the building. Therefore, they screen for the more responsible occupants.

Tips & Warnings

  • Contact local real estate agencies to help you search for co-op rentals.

  • Make sure your paperwork and references are accurate. You do not want to be rejected based on an error.

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Resources

  • Photo Credit Olympian Civil Home and Building Inspectors

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