Can NYC Condo rent as Short Term Furnish Rentals?

By
Real Estate Agent with Douglas Elliman Real Estate

Can NYC Condo rent as Short Term Furnish Rentals?

We have many investor condo owners asked us this question. The simple answer is, it depends on the condo building's house rules. We often represent many investor condo owners to secure qualified tenants so we have many experiences with different condo building and each building has different criteria and policies.


When trying to rent out Manhattan condo buildings, it is importan to keep in mind that buildings have their own house rules that list all the regulations such as what is the minimum terms of a lease (12 months or shorter), pet policy (dog or cat, pet weight), renovation policy and etc. Many of the condo buildings will required the owner to rent the unit minimum of 6 months to 12 months, this way they can keep the building quality of living higher and able to control the occupants and who is coming and going out of the condo building.


Can NYC Condo Rent as Short Term Furnish Rentals?
Generally, the weekly rental will not allowed in traditional condo buildings since the building prefer not to have too much of transient stays. We also recommend the owners to rent the condo for 12 months to keep the rental income on the steady and consistent basis.

 

If you are a condo owner, and looking to have strong and experienced agents representing you in finding the right tenant

 

Contact us today at Morgan.Evans@elliman.com and we can discuss how to maximize your rental investment. Or call us (917)837-8869

 

Below are other New York city condo related helpful information for condo owners:

http://manhattannycondosforsale.com/manhattan-ny-pet-friendly-condos/ 

http://manhattannycondosforsale.com/buying-condos/

http://manhattannycondosforsale.com/manhattan-ny-condos-faq-who-can-help-me-rent-out-and-manage-the-condo-once-i-own-it/ 

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Morgan Evans is a Licensed Real Estate salesperson in Manhattan New York specialize in neighborhoods such as: Greenwich Village, Soho, Union Square, Upper East Side, Upper West Side, Chelsea, Midtown West, Midtown East, Nolita, Lower East side, Financial District in Manhattan. Morgan specialize in working with international buyer, high net worth buyers,  parents buying for children and investors buyers. Contact him today by calling (917)837-8869.

https://www.eileenandmorgan.com/
Dorchester Towers Condo

 

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Rainmaker
3,255,113
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

It would be rare for a Rental to be listed less than a year here on Long Island Morgan. In NYC, I can see that being the case also to keep it less transient...

Apr 06, 2016 11:48 PM #1
Rainmaker
3,479,877
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Good morning, Morgan -- with the rise of AirBNB(and others) people might assume your condo could be used as a short term furnished rental.  You're right to say this will be covered in the governing documents of the association and typically the answer is NO.   

Apr 07, 2016 12:40 AM #2
Rainmaker
1,838,226
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hi Morgan - you've outlined the common practice with condos here in San Francisco and on the Peninsula and Silicon Valley. It's an important aspect of condo ownership that needs to be addressed with your buyers.

Apr 19, 2016 12:54 AM #3
Rainer
146,944
Adam Feinberg
ANCHOR ASSOCIATES - Manhattan, NY
NYC Condo, Co-op, and Townhouse specialist

More condos than ever are requiring board packages to minimize risk in the building- so this another consideration. In my own building, we implemented a sublet fee for each new lease (excluding re-newals), which decreases the incentive for people to do short leases such as Airbnb.

May 03, 2016 02:37 AM #4
Rainmaker
2,100,725
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Condos are unique! Best services to buyers wanting a condo come from agents like you who know the rules and can help guide buyers to making the right decisions with informative questions and answers. 

Feb 26, 2017 08:00 AM #5
Rainmaker
4,209,124
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Morgan, nice information, and bet you do get these questions, but they need your expertise by building to know the rules.

Mar 11, 2017 07:39 AM #6
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