Sublet Requirements

 


Hudson Woods Estates   
Sublet Requirements as of August 2025

The board of directors of Hudson Woods Estates has established the following requirements for the shareholder who wishes to sublet their apartment:

  1. Shareholders must own the apartment for at least one year before subletting.
  2. Shareholders must request approval to sublet the apartment from the co-op at least 3 months in advance.  Shareholders must email their request to management, so that the board may consider it at the next monthly meeting.
  3. If approved by the co-op board, shareholders may sublet their apartment up to 3 times. However, this does not restrict shareholders from renewing a sublet to a current tenant.
  4. If not approved by the board, shareholders may not sublet their apartment.  Shareholders will be charged 125% of monthly maintenance each month that an unapproved sublet takes place.
  5. During the period of the sublet, shareholders will pay a fee of 20% of each month's maintenance on top of the current maintenance fee to the co-op.
  6. Shareholders with approved sublets must make a security deposit equal to one month's maintenance.  This fee will be returned to the shareholder (minus costs for any damage repair) at the end of the sublet.
  7. Shareholders are responsible for all damage caused by sublessees to common areas of the building and property. 
  8. Shareholders must provide appropriate proof of lessor insurance to the co-op before the sublessee moves in.
The board of directors of Hudson Woods Estates has established the following requirements for applicants wishing to sublet an apartment in our cooperative:
  1. Current credit score of 700 or better 
  2. Debt to income ratio of 35% or lower
  3. No history of evictions, judgments, bankruptcies, or collections within the past 7 years.
  4. Liquid assets to cover 4 months or more of the rent being charged by the shareholder owner of the apartment.

Meeting the financial requirements to sublet an apartment is no guarantee of a sublet approval.   We require the following documents from the applicant prior to any interview by the board:

  1. Completed application, with a statement of financial condition.
  2. Photocopy of Legal ID and state issued vehicle registration.
  3. Three consecutive months of pay stubs per applicant (or adult resident of apartment).
  4. Bank/Investment Statements.
  5. Two years of tax returns (forms 1040 and matching W-2/1099)
  6. Reference letters
  7. Credit Report & FICO Score
  8. Lease Contract

Notes: 
  1. Only ONE parking space is normally assigned per apartment.  Specific parking spaces are not included in any transfer of shares and can be reallocated at any time at the discretion of management. 

  2. Sublet Tenants must follow all of the House Rules of the co-op.

  3. We still have a moratorium on new apartment sublets.  The board will notify shareholders when this moratorium is over.
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