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Todd E. Crittenden's Blog

By Todd E. Crittenden | Broker in New York, NY

FEE vs NO FEE...what's the difference?

                           

Moving to New york City can be quite an undertaking and there are a few things about the rental market that usually throw prospective renter for a loop.  In addition to the fact that prices in NYC are higher than most other places throughout the country you typically will get less in NYC.  LESS space first of all but also LESS amenities that you make take for granted where you live: a living room, washer / dryer in your home or apartment, garbage disposal, natural light, or that your home or apartment has been updated or renovated within the last 10 years.  

On top of that getting less for your money most apartments / landlords will require you to pay a broker fee of 10 to 15% of your annual rent before you move in.  There are landlords that will pay the broker fee but understand that if the landlord pays the broker fee you will have access to a small percentage of the available inventory.  Manhattan's vacancy rate typically hovers around 1% which is why landlords aren't willing to pick up the brokers tab.  It's Economics 101: supply and demand...in Manhattan there is simply more demand than supply.  

If you're looking for something nice, unique or special in a desirable neighborhood there will typically be a fee.  NO FEE apartments are usually NO FEE for a reason...either the landlord has too many apartments to rent in a short amount of time or the apartment is UNDESIRABLE.  I'm not saying every NO FEE apartment is CRAP but understand there is a specific reason why an apartment is NO FEE.

To ease the pain of paying a fee: find a great apartment that you like that you won't have to move after ONE year.  Moving is rarely fun, can be expensive and not something you want to do every year if you don't have to.  If you look at spreading the broker fee across 24 months as opposed to 12 months it's much easier to absorb and on top of that you'll get a better apartment.

If you have questions about renting or buying a home or apartment in Manhattan feel free to use me a a resource.


NYC Sales and Rental Listings

Todd Crittenden
917-885-7465
Todd@linkrenyc.com
Associate Broker
Link Real Estate    

Comments

By Robert Baker,  Fri Nov 29 2013, 07:13
Good info.

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