If you’re moving to New York City for the first time and searching for a place to live, there are a few things you should know that are pretty unique to the NYC housing market. Whether you’re looking for apartments near gramercy park east side manhattan or thinking of looking in one of the other boroughs, you may have come across the term “no fee apartment” and wondered what it means and how it could help your situation. Fortunately, it’s not as complicated as it might sound! Read on to learn more about the differences between fee versus no-fee apartments in New York.
You Won’t Pay a Broker’s Fee
New York City apartments can be competitive to get, making it tough sometimes to know exactly how much you’ll be responsible for paying when it’s time to sign a lease. If you’re from out of town, certain fees can contribute to this confusion. It’s important to know that “fee” apartments will charge a broker’s fee, meaning you’ll have to pay about 8 to 15 percent of a year’s lease. Broker’s fees mainly help real estate agents earn a living from showing apartments. However, in no-fee apartments, there either is no broker fee or the building owners will cover it, meaning you won’t be on the hook for it.
Contact the Landlord Directly
If you’re not sure about whether an apartment has a fee or not, try contacting the landlord directly. They can help clarify the situation, and could even offer to cover the fee for you in some situations!
You Can Negotiate Fees
Finally, if you’re working with a real estate agent, you don’t have to leave their fees up to chance. Discuss any fees ahead of time and you may be able to negotiate them down!
Moving to New York City can require learning some unique housing market terms. With this extra knowledge in your back pocket, you can feel confident in your search for the perfect NYC apartment!