Building Types
Building ownership is classified into three categories: rentals, condominiums and co-operatives. Each has different tenant requirements and approval processes. It is important for you to know the difference between the three since it will effect the parameters and timing of your search.

Rental Buildings:
The landlord owns the entire building. Protection for tenants are defined by New York State Law. Stabilized and non-stabilized units fall under this category differently. The approval process can take 1-7 days based on a credit check ($25-$50) and financial requirements. One month rent is standard payment for refundable security deposit.

Condominiums (Condo):
Apartments are owned by individuals for residential and/or investment purposes. Within condo guidelines, owners are free to establish terms such as rent and length of lease. The approval process can take 10-30 days based on a credit check and individual owner's requirements. Expect application fees and move-in fees. Security deposit may exceed one month's rent.

Co-operatives (Co-ops):
Buildings are structured as a corporation. Rather than owning an apartment outright, individuals own shares according to the size and value of their unit. There are many restrictions on the rentals of co-ops regarding length of lease, roommates, etc. The approval process can take 30-45 days. Prospective tenants must submit extensive personal and financial information, and interview with the Co-op board. Expect large application fees and move-in fees ($150 ). Security deposit may exceed one month's rent.
Coops can often be problematic for internationals or new hires without an established credit history.

Co-operative (and some Condo) Board Processing:
A cooperative building is made up of the individual shareholders (those we usually think of as the apartment owners). The co-op board establishes rules and standards for the building and consists of shareholder/residents who volunteer to help screen prospective tenants and review board packages. Your application and lease package will need to be approved by both the coop board and the building management representatives.

Qualifying:
A co-op board will need clear cut, specific proof of a prospective tenant's assets and liabilities. Most tenants are required to earn approximately 40-52 times the monthly rent in guaranteed income. Liquid assets are taken into account. A pattern of bonuses in the past years, if verifiable, may be helpful. If you do not qualify according to this formula, some co-ops may accept a Guarantor to cosign your lease.

Processing Fees:
Cooperatives and Condos have processing and move in fee requirements, which can range from a couple of hundred dollars and up. There is usually a refundable move-in deposit used to cover damages, if any, which occur during move-in.

Board Approvals:
Co-ops are elusive about a specific time period for approval. The process includes a review of your financials by management and the co-op board, as well as a board interview. You should plan on waiting the maximum time suggested by the management and board. The time period begins when all documents required are fully executed, submitted and completed to their satisfaction. If you omit requested information, this will only delay your approval process. Do not book movers until you are approved!