Your Guide to Your Rent Next Rental
- How Do I Rent An Apartment In NYC
How Much Rent Can pay?
What Neighborhood Fits My Criteria?
Different Type Of Rental Properties
Rent Controlled or Rent Stabilized
- Best Time To Rent An Apartment
No Fee Vs Fee
Find Low Income Or Affordable Housing
Features And Amenities
Difference Between An Agent And Broker
- How To View An Apartment
How To Start An Apartment Application
Signing A Lease Made Easy
Scam And Fraudulent Property Posting
How To Avoid Bait And Switch
- Renters Insurance and Renters Right
When Moving into a new apartment
Looking to Tip Your Doorman?
Get Your security Deposit Back
- Looking to Break Apartment My Lease ?
I want to Rent My Apartment to someone
International Students Guide World wide
How to Find a Roommate
Are You Ready? Apartment Search
Fee Vs. No Fee Apartments
When searching in NYC Real Estate, home hunters may see listings like ‘no-fee apartments’ and wonder what it means? Does it mean ‘I will not pay for this apartment’ or ‘only the worst ones are no-fee’? However, the meaning of no-fee apartments is pretty simple in real life.
No Fee Apartments
Those apartments for which a renter does not pay a broker fee are called no-fee apartments. The broker fee is either paid by someone else or you directly meet the landlord to discuss the listing price. The broker fee is a price charged by a Real Estate agent to help you find an apartment that best fits your needs.
In some cases, such apartments refer to a unit where landlords find it difficult to sell their place and volunteer the broker fee to facilitate the renter. Before going for a no-fee rental, keep in mind these units may cost you more than a normal apartment with a higher monthly rent.
According to the normal standard operating procedure of NYC real estate, a renter pays 8% to 15% of the annual lease agreement to the real estate agent as broker’s fee. However, this fee is negotiable and depends upon the broker and area.
Do no-fees save money?
To answer this question, you must be well aware ofthe real estate market and do some math to compare the yearly rent of fee and no-fee rentals. Several no-fee apartments have luxurious facilities but you will find yourself paying extra rent for these amenities.
How to find a no-fee rental?
There are several ways you can find a no-fee unit in New York, some of those are:
- Search online – Websites like NY Rent Own sell have an option ‘No-fee only’, check this box before searching for a rental.
- Contact property owner directly – Meet the Management Company or landlord directly and negotiate agent price. This way you can take the broker’s fee out of the picture.
- Tap your network – Take to Facebook or send an e-mail to your university fellows and announce that you are searching for a rental. Walk around the neighborhood where you want to live and keep an eye on buildings with company’s info.