It depends. When you purchase a co-op apartment, you are not actually purchasing the physical space, you’re purchasing the shares of the corporation that are associated with the unit. Because you don’t own the apartment outright, your ability to rent, or sublet, your apartment depends on the rules set out by the corporation.
Many co-ops require that you live in the unit for a certain amount of time before you’re eligible to sublet it, typically one year. There is usually a sublet fee imposed on the shareholder for subletting. Many co-ops also limited the amount of time that you can sublet the apartment before you’re required to either move back in or sell the unit.
There are many nuances associated with owning a co-op, some good, some bad. That’s why its so important that you, or your attorney, thoroughly reads the Proprietary Lease, the House Rules and the Board Meeting minutes before you sign on the dotted line.
