If I am applying for a condo or co-op rental, how long should I expect the approval process to take?

The application process for condo / co-op rentals (sublets) can vary from about a week to closer to a month, if not longer.  Several factors that could influence this are board approval requirements, the strict nature of the board, timing during certain parts of the year (e.g. slow periods such as late August or December during the holidays) and numerous other specific situations.

Generally, condo rentals are much easier than co-op rentals, since many condo boards either have a flexible approval process or do not require board approval for sublets.  Co-op boards tend to be stricter by having more stringent requirements, may take longer to issue an approval and even require an interview prior to their decision.

Since every situation is different, ask the real estate agent representing the owner (or the owner directly) to provide a time estimate for approval (of your application) based on past experience, so that you can manage your expectations.

Note: If you are submitting an application for a condo or co-op rental and have a strict move-in date approaching, it may make sense to have a backup option in case the approval process is delayed or your application gets rejected (co-ops only).