The city that never sleeps is slowly bouncing back from the disastrous effects of the Coronavirus pandemic. This has been apparent in the way NYC’s housing market is slowly coming back to its own, with record-breaking apartment rents and low availability of properties.
There is no doubt that the housing market in NYC is highly competitive in nature. Landlords are vying with one another for the best tenants and the highest rents. Renters on the other hand are looking for the best deals, prices, locations, and amenities.
In this environment, one term that has started emerging on listing advertisements and online platforms is something called -No Fee Apartments. In this article, we are going to look at the phenomenon of NYC no fee apartments and educate you on what they are all about.
If you or someone you know is looking to rent a new apartment in New York City, this article will help you with your process and selection. Please stick around till the end of the article and go through what we have to say.
No Fee Apartments in NYC: What does it mean?
We all know that brokerage charges can cause a significant drain on someone’s finances. The security deposit, advance, and the rent itself can add to a sizable amount. In New York City, the average broker charges range from 8% to 15% on a year’s lease amount.
Brokers that show you the various properties need to earn money to sustain themselves. They do this through brokerage charges and commissions. While the percentage might not be a lot, it can add up to nearly a month’s or two months of your rent.
In very simple words, a no fee NYC apartment is one where you as a tenant do not end up paying a broker’s fee. However, that does not mean that the broker does not get paid. The charges might be borne by the landlord that will be willing to pay from the advance and security deposit that the renter would be extending.
A no fee apartment looks like a good deal for tenants that want to save some extra cash. This money can then be used on furniture or some basic renovation/remodeling work in the new apartment to make it personalized to your liking.
Where can you find No-Fee Apartments in New York City?
According to real estate experts, two credible ways can help you find no fee apartments in NYC. Let us look at them-
- Directly talking with the Building Owners/Landlords-
The first and most credible way you can use to find no-fee apartments in NYC is by directly getting in touch with the building owner or landlord. This will help you avoid some unscrupulous techniques that brokers use as bait for unsuspecting tenants. Communicating with the landlord will give you clarity on whether something like this exists or not in the real world.
- Checking out Housing Listing Sites for No Fee Apartments-
The second way that you can find no fee apartments in NYC is through browsing listing sites. Some of the best ones have committed and dedicated filters for ‘No Fee’ on the platform. While this can help you get an initial idea, make sure that when you call and get in touch physically, you immediately ask about this aspect to prevent misunderstandings later on.
Important Points to Consider when looking for No Fee Apartments in NYC
- Firstly, if the apartment is advertised as no fee, make sure that you are assessing why has it been done? In other words, make sure to check whether there are any issues or problems that are making the landlord use the no fee as bait to rent it out or not.
- Secondly, do not get overwhelmed at no fee apartment and thinking you have saved on extra costs. Make sure that you are getting a good and fair deal and are not being overcharged on other utilities under the guide of no fee.
- Thirdly, it is essential to watch out for unscrupulous brokers that might use the no-fee advertisement to simply get in touch with the customers. They might say that the property has been taken but they have others where a broker’s fee is involved.
The Final Word
While a No Fee Apartment in NYC sounds like a decent saving, make sure that you are doing your due diligence when it comes to locking such properties. You should always work with credible names like Hericoll to ensure that you are getting the best deals on no fee apartments in NYC.