Can We Sublet Our Apartment While We Travel Overseas?

Aug. 7, 2015 — We plan to travel overseas and will need to sublet our apartment. Should we look at co-ops or condos with this in mind?

Generally, condo rules concerning subletting are less restrictive than those of co-ops. The similarities are that both co-ops and condos usually limit the maximum term of a lease to one or two years and the minimum term must be a year. Many co-ops will not review a sublet package unless the shareholder has owned the apartment for a minimum amount of time (usually a year or two) and often have a limit on the number of years an apartment may be sublet.

Additionally, both co-ops and condos require that an application that includes financial information must be submitted to the board, similar to a sales package, and co-ops sometimes require an interview with the prospective subtenant.

However, one important difference is that co-ops can deny a sublet without giving a reason. Condos have a right of first refusal, which means that if a condo votes to deny a sublet application, then it must market and rent the apartment at the stipulated rent. This is the reason that almost all condo sublet applications are approved.

Arline Kob is principal at Key Real Estate Associates.