I’m looking for apartments in Manhattan and was trying to figure out why someone would pay a broker’s fee given all the no-fee apartments. Do broker’s fee apartments typically offer a better monthly price for the same apartment because of landlord negotiations or something? Thanks for input.
I can’t speak for Manhattan (I’m 20 miles away), but every time I’ve moved, I always swear “this time I won’t pay a fee!” Then I always do.
It just seems, criminal as it is to pay the realtor a full month’s rent for a couple of hours of work, that the quality of apartments rented through realtors is higher. It’s as if first the landlord is screened, then the tenants are screened. I doubt you’ll wind up paying less for rent, but you’ll wind up with a nicer place.
Most of those no-fee apartments really aren’t what they claim to be, especially if you’re looking on Craig’s List.
You’ll call on the apartment listed and hear “Oh, that was just taken. But we have another apartment available just like it!” Fees abound, of course. The ol’ bait and switch.
Also, check the neighborhood on the no-fee apartments. Bad enough neighborhood and landlords will do anything to ensure renters.
Please come back and tell us your experiences when you actually get an apartment.
IME, the agented apartments tend to be nicer for the same money. The no fee apartments sometimes go VERY fast and there is a stress level associated with dragging all over the city only to find its been rented already. After looking at one too many no-fee shitholes in our budget we caved into the whole agent deal and within 24 hours we had signed a lease on a freshly renovated, rent stabilized apt with a live-in super & elevator, heat, water and gas included.
Spread out over the 3 years (at least) we plan to live here we feel we got a good deal. Time IS money and ours was very limited. If you have all the time in the world to apartment-hunt, you’ll probably be able to find what you want in your pricerange. But it does take a lot of legwork and time.
I certainly balked at the cost at first but it ended up well worth it.
What kind of budget do you have? You should go here
http://www.nyc.gov/html/housinginfo/html/home/home.shtml
and get yourself on the affordable rent-controlled housing list ASAP. Some have income ceilings, so read the fine print. It’s a lotto system but friends of mine have lucked out and are paying ridiculously low rents in great areas.
Also, I agree w/ what everyone is saying here. There’s more available selection with brokers. Also, I competed for my apartment where it was listed w/ a broker AND as no-fee craigslist, and I got the place b/c, all other things being equal, I’d had my credit/employment checked through the broker and also all the necessary paperwork filled out ahead of time. I was definitely an easier and safer bet than the management company having to go through people’s paperwork and verify their credit themselves.