Tribeca dwellings are as diverse as the people who live in them, but most Tribeca apartments for rent fall into three main categories: apartment rentals, condominiums and cooperatives. Each comes with a set of different tenant requirements and approval processes.
Rentals: In a standard Tribeca rental, a single landlord owns the entire building and costs vary by the condition of the building and size of the apartment. Prospective tenants often undergo a $25 credit check, with approval taking between one and seven days, and must usually pay one month rent as a security deposit.
Condominiums: People from all over the world come to New York City to buy luxury residential real estate, and many keep properties for investment purposes only, especially in Tribeca. Owners wanting to rent out their Tribeca condos are free to set their own terms within certain guidelines, such as the amount of rent, the security deposit and the length of the lease. The approval process for condo tenants can take from 10 to 30 days, based on a credit check and the owner’s criteria.
Co-operatives: In a cooperative situation, instead of owning an apartment outright, individuals own shares according to its size and value, and can sublease it accordingly. However, a co-op board places many restrictions on rentals, especially regarding the lease length and tenancy. Prospective sublet tenants submit extensive personal and financial information and also interview with the co-op board, with the process taking 30 to 45 days. Co-ops come with large application and moving fees, but are worth the effort if the space is right.
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