The Cooperative (Co-op)
Co-op buildings are unique to New York. Structured as corporations, residents of a co-op do not own their apartments. Instead, each resident’s apartment represents a share of the overall building. The size of each share is dependent upon the size and value of each apartment.

Co-op buildings often have very tight restrictions regarding lease length, roommates, pets and the like. Therefore, getting approval can be a very long and frustrating process. In addition to possibly having to wait over one month for approval, you’ll also be asked to provide extensive financial and personal information. As well, expect very expensive application and move in fees.

Condominiums (Condos)

Unlike co-ops, each condominium resident owns their apartment. Condo owners often are very flexible when establishing rent and lease terms. Although the approval process can take from 1 to 4 weeks and you will have to pay application and move in fees, a condo is your best bet if your credit isn’t the greatest. Also, be aware that your security deposit will most likely amount to one month’s rent if not more.