In some ways apartment hunting in New York City is like an Olympic sport. Those who find great priced apartments in a beautiful neighborhood win the Gold medal…yet never get recognized. Neighborhoods throughout Manhattan such as Lower East Side, Chelsea and West Village are home to tons of brokers and management companies you are fighting each other to win over the perspective renters as fast as they can. http://milfordmgmt.com/#/buildings
What is a no fee rental?
One of the unique aspects of apartment hunting in Manhattan is that there are these ‘no fee rentals’ or ‘low fee apartment.’ Brokers in NYC sell apartments and take a brokers fee that could be up to 15% of a year’s rent. Since people obviously want to avoid paying these costs, there are some firms that offer apartments directly to the public, eliminating this brokers fee. There are also apartment buildings who offer no fee apartments because they pay the broker’s fee as a part of the rental agreement.
How can you find no fee rentals in NYC?
To find no fee rentals you have to do your research. Navigating your way through online searches determining if the apartment is being offered through a management company or directly from the owner. Some websites will state if they have no fee apartments for rent and other won’t. If you aren’t sure, you may have to go to the physical building and ask the doorman himself.
Check for hidden costs
When searching for a no fee rental, be sure to inquire if there are any other monthly costs besides the rental fee. Ask about maintenance fees, community fee, or other unexpected, unadvertised charges that may occur.
Know what you are paying for
Sometimes in larger buildings there are more amenities and staff making the rent higher. If there are no brokers fees, that’s great. But you may end up paying more per square foot, which is like paying that fee anyways. The perk is that you get to take advantage of the amenities and pay over a longer period of time instead of all up front.
Overall, finding an apartment gem in Manhattan is going to be quite the hunt. It will take lots of time, energy and research. Finding a no fee apartment rental in NYC that includes all that you are looking for and doesn’t have other additional fees is going to be like going for the Gold medal.