Rental Basics in Northport>Question Details

Brynn Simone…, Renter in Northport, NY

Who came up with the brokers fee = 1 month rent, in the Long Island, NY area? I have never seen that any where else?

Asked by Brynn Simonetti, Northport, NY Mon Apr 26, 2010

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Brynn, the broker fee of one month is based on a split commission fee system.
It is customary for the Tenant to pay the fee in a rental whereas the owner
pays the fee on a sale.
1 vote Thank Flag Link Tue Apr 27, 2010
since you asked.... the person who came up with the 1 month's rent as the broker's fee is a fellow named Charles Onemonth.

Back in the 1800's, when he was renting properties on LawnGuyland, someone asked him how much he would charge in order to faciliate a rental. Charles was hard-of-hearing and thought they asked him his surname, so he quickly replied "Onemonth", and so began the legacy of 1-month-rent as the broker's fee.

Aren't you glad you asked?
3 votes Thank Flag Link Tue Apr 27, 2010
Baaaahahhahahhahahaah awesome, lmao
Flag Wed Jun 19, 2013
Alan May, Real Estate Pro in 60201
MVP'08
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Ha Alan - and I almost believed you, too!

(was Charles Onemonth related, per chance, to Anthony Flatfee?)
2 votes Thank Flag Link Tue Apr 27, 2010
...customary here in New Jersey as well.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
1 vote Thank Flag Link Tue Apr 27, 2010
Brynn - Just to let you know its usually 10% of the annual lease or first months rent down here in Florida..

Jason Stevens, GRI,ABR
1 vote Thank Flag Link Tue Apr 27, 2010
Brynn - I know it is a burden for a tenant to come up with all of that money at once. It's ironic, because buyers may be able buy a home with less money upfront - thanks to seller's concessions and, low down payments!

Just so you know....and this may not be feasible in your area.....at times I have seen the landlord offer to split the comission with the tenant as an incentive. My friend is a landlord, and she recently did that in order to attract a tenant after her condo had been on the market for a couple of months with no offers. It doesn't hurt to ask.......the landlord can always say no.

Good luck!
1 vote Thank Flag Link Tue Apr 27, 2010
Brynn,

Clients also pay this in the Bronx/Brooklyn. If you do not want to pay the fee, you can look for apartments for rent by owners.

Good luck.
1 vote Thank Flag Link Tue Apr 27, 2010
It has been common in this area for a very long time--very rarely do we see a landlord paying the fee.
1 vote Thank Flag Link Tue Apr 27, 2010
Brynn Ohio also has that.
1 vote Thank Flag Link Tue Apr 27, 2010
Brynn, it is also done in NJ............
1 vote Thank Flag Link Mon Apr 26, 2010
Brynn unfortanately you ar ein one of the linited areas where the tenant pays the commission to rent. Here in NH it is the landlord who pays the listing agent the commission, not the buyer. As in any market commission is negotiable, if you are not happy paying this fee, shop around and see what others have for fees. The key is the rentals in short supply or rentals that are highly desired, will always be more than thise less desirable or with an abundance of availibility.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Dec 6, 2011
Thank you every one! I have lived in the south and the west never the north or mid-west, I am guessing this is common in the north eastern states. With this economy, I see that it may be hard for an individual to rent a place when they have to put two months security + brokers fee + 1st months rent. Lets say I wanted a home for 2500 a month, that is $10,000 up front that is enough for a down payment when you are buying a home. I have been looking for no fee rentals but all of the rentals I like or prefer have brokers fees and two months security deposit. Thank you all for answering my question. It looks like I am going to have to part with some of my savings :(
0 votes Thank Flag Link Tue Apr 27, 2010
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