Co-op boards will often limit a shareholder’s ability to sublet his or her apartment, and many co-op buildings won’t allow subletting at all. Furthermore, subletting policies are subject to change at any time, so even if you buy an apartment in a building with supposedly liberal sublet policies, that could easily change at the whim of the co-op board.
Co-op buildings that do allow subletting will have restrictions in place for how long you can sublet for. It’s very common to see co-ops only allow subletting for two years out of every five years. Some co-op boards will only allow a total of one or two years of subletting every, meaning that if you choose to sublet your apartment it had better be for an emergency.
Co-op buildings will often have a plethora of fees charged to both the sub-tenant as well as the tenant. Besides various application fees, the shareholder will typically also have to pay a fee just to sublet their apartment. This can range from 10% of annual maintenance to a percentage of the rent collected.