If youre thinking about renting in a coop or condo...

...Read this first.

Rental inventory is way down. In some neighborhoods the vacancy rate is less than 1%, on average across Manhattan its less than 2%. As a result many would be renters are looking at Coops and Condos as a rental option. But, before you make that move, here are some things you should know.

Extra Time...a normal rental deal takes 48 hours. But when you are renting a coop or condo you should figure on the process being anywhere from two weeks (for a condo) to two months (for a coop).

Extra Paperwork...a normal rental deal usually has a one or two page application. A condo's application is somewhat more complicated and a coop's is a full time job to fill out.

Extra Fees....a normal rental deal has fees of approximately $100. Condos and Coops include an application fee, processing fee, move in fee, all of which can sometimes add up to as much as $2,000.

Condos and Coops are a good choice in a tight rental market, but read the fine print. Be sure to know exactly what you are looking at and what its going to cost.