When you’re searching for a rental in New York City, you’ll often come upon apartments that are listed as “no-fee.” You’ll also come across plenty of apartments that make no mention of a fee at all. Huh?
If you’re new to renting in New York City, you’ll soon realize how complicated the rental market is here. There are many nuances and gotchas. Chief among those is the difference between no-fee apartments and standard apartments. But don’t worry — we’re here to help.
What Does No-Fee APT Mean?
Does no-fee imply there’s no money in it for the broker? Nope. When a broker helps you find an apartment, they’ll always get paid a fee. It’s just a question of who pays it.
ASK YOUR REAL ESTATE AGENT TO SHOW YOU NO FEE APTS
If the landlord or property owner pays the fee, then the apartment is advertised as no-fee. If the landlord does not pay the fee, the apartment is advertised as requiring a fee, and the burden of paying that fee falls on you.
Pro tip: If you find an apartment without a broker’s help and go straight to the landlord, there is no fee
