Rentals in East Village>Question Details

G., Renter in New York, NY

When it says no fee, does that mean I only pay $409 a month, for example? I'm 18. I'm kind of new to this stuff.

Asked by G., New York, NY Wed Jul 24, 2013

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9
No fee means you don't have to pay a broker fee to secure the rental. You will only be responsible for your portion of the rent and utilities.

Chris
0 votes Thank Flag Link Thu Jul 25, 2013
No fee means you don't have to pay a broker's fee. The broker's fee is usually 15% of the first year's rent. The easy way to calculate that is multiply the rent x 1.8 and you will get the fee. That is a one-time fee that is paid entirely upon signing of the lease.

As other posters have mentioned below, a rent of $409 sounds like it's an apartment share. There are no rents in Manhattan, or NYC that low for an entire apartment.

You should read the excellent renter's guide posted by RDNY.com. It will pretty much answer just about any question you have about the rental process. http://www.rent-direct.com/rentingguide/Welcome.html

Good luck to you on your apartment search.
0 votes Thank Flag Link Thu Jul 25, 2013
Sounds to me that it might just be a room to rent, not a whole apt. Even thats hard to believe at this price. But if true, you would be dealing directly with the owner.
As others have said, there are scams and this sounds like one.
0 votes Thank Flag Link Thu Jul 25, 2013
Anything that sounds too good to be true, usually is. so proceed with caution or work with an agent to assist you. Yes it will be more costly because there is a brokers fee but you might save yourself a ton of headaches in the future.
0 votes Thank Flag Link Wed Jul 24, 2013
No fee rentals exist. It means that you rent without paying the broker's fee. Beware: no fee rentals are often more difficult and tricky to implement for people with no experience like yourself.

Finally, a rental for $409 a month in NYC sounds entirely unrealistic. Most likely is a scam. Be as cautious as you can.

Good luck with your search. Do not hesitate to call/text/emal if your need further advice: 917-519-4664 or tshestakov@citihabitats.com

Tatyana
0 votes Thank Flag Link Wed Jul 24, 2013
Keep in mind that scams do exist and you may have stumbled upon one; for scam related information see http://www.ftc.gov/opa/2009/05/rentalscam.shtm Such low rental rates do not exist in this area....
0 votes Thank Flag Link Wed Jul 24, 2013
Run away from a rental that says $409 a month. The East Village is one of the most expensive area's to rent in NY. An average price for a studio is $2500. This is a scam and if you found it on this site, please flag it. I flag an average of 5 listings here a day and I don't have time to be more alert here.
$409 doesn't get you ANYTHING in New York.
The fee structure is already explained below.
0 votes Thank Flag Link Wed Jul 24, 2013
Pay no mind to the response of someone who has no concept of New York real estate. Obviously your question falls under the catagory of "Rentals in the east village."

No fee means there are no brokers fees to be paid. It also means you would be renting directly from the landlord. I will say this, grab it. No fee rentals are notoriously difficult to find now as we are at the height of the summer rental season.

Lastly, where did you find a rental for $409 in NYC? that is truly a find. Good luck.
0 votes Thank Flag Link Wed Jul 24, 2013
Give us a clue as to what you are looking at or what you are reading. Is it a house, rental, sale, lease, hotel -- what?? What are you looking at.
0 votes Thank Flag Link Wed Jul 24, 2013
It is a rental for an apartment in New York.
Flag Wed Jul 24, 2013
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