Tips for Finding No Broker Fee Apartments in NYC
Looking for tips for finding no broker fee apartments in NYC?
The Big Apple is not short of options when it comes to the availability of rental options, never mind neighborhoods. However, a large majority of apartments are secured through real estate brokers who take home a fee in the region of 8-15% of the annual rent or 1-2 months’ rent. That’s a lot of savings if you could be able to scope out apartments on your own. Truth is, though, it is not easy. But it doesn’t mean it’s impossible!
There are two types of no broker fee apartments in New York City – those rented directly through the landlord or property management firm (without a realtor acting as a middleman), and those that have broker fees sorted out by the landlord. Problem with the latter is the landlord could pass this cost down to the renters.
Here are 3 tips for finding no broker fee apartments in NYC.
Scour Online Resources
New York City is not a one-horse town, which means online resources are the best place to look for no broker fee apartments.
There are many rental websites for apartments in New York. Some of the most reliable ones include:
- NYBits – Primarily lists no fee apartments across NYC. The site tells you where to look and who to contact to circumvent dealing with an agent or broker.
- RentHop – A reliable resource that verifies every listing to ensure it is legit. Its “Hopscore” rating system ranks listings based on a high quality to lower quality score.
- CityRealty – has advanced filters that help you narrow down on dozens of different NYC neighborhoods, including price range and favorite areas.
- UrbanEdge apartments – A relatively new website that restricts brokers from adding listings. Only property owners can create posts.
- TransparentCity – Another new player in town that links up renters directly with property managers.
- Facebook Marketplace – A bit commonplace, we know. But you could unearth a gem by filtering your listings to “no fee” or “by owner” while adding your own search terms.
Make Sure the Fee is not hidden in the Monthly Rent
There are few landlords that will admit to folding the fee into the monthly rent, so how can you tell? One surefire way to know this is to compare the rent with comparable apartments in the same neighborhood.
If you find it is slightly higher with little or nothing to justify the higher rental fee, chances are the broker’s fee has been bundled in. This is the second type of no-fee apartment we alluded to earlier.
The real estate market in New York is not without its unscrupulous types. This is the lot that will advertise an apartment as a no-fee, only to say it was an innocent mistake or misunderstanding, or that the landlord changed his mind about offsetting the fee when you have fallen in love with the unit and even made the decision to go and view it.
Follow these few tips for finding no broker fee apartments in NYC and you will significantly boost your chances of saving a couple of thousand dollars!