Transient Occupancy From A Co-op / Condo Perspective
The increasing use of apartments for transient “Airbnb”-type occupancy discussed elsewhere in this newsletter has spread to co- ops and condominiums as well. However, because of their unique ownership and operational features, co-ops and condos — and their residents (who each paid significant sums for the privilege of owning their residence, and never expected to run into transiently new faces in the corridors and elevators on a revolving door basis) —are impacted differently. While at least one case, which is referenced in other articles in this newsletter, has resulted in the eviction of a rent-regulated tenant based on illegal profiteering, that basis would likely not exist in a co-op or condo setting. Consequently, co-op and condo Boards and managing agents need to approach transient occupancy differently than do rental building owners.