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No fee listings are no fee to you. But instead the apartments management/landlord pays the broker. This usually gets the apartment better tenants.
From what I understood when I was using a broker to move here, you can use different brokers, but you can't use different brokers for the same place. I may be wrong here.
To not get ripped off, don't let them charge you any more than 1 month's rent. Unless they go way above and beyond helping you. Which is not likely going to happen.
Whenever I talked to brokers it was a certain % of the yearly rent, which sometimes is close to a monthly rent payment.
Brokers in NYC that you get in touch with off CL are pretty whorish - don't feel guilty about going to multiple ones. The whole NYC rental scene is fucking absurd.
I can give you a referral for a reliable broker that I worked with on multiple searches - they are pretty much all looking at the same database (unless it's a proprietary listing), so it's better to get a good one if you are going to pay a fee anyways. Shoot me a PM if interested.
I'm seeing fees like 10-15% of annual rent for a lease of 1+ years. Is that reasonable?
I would probably push back a bit on 15% - that seems on the high end. I think 12.5% (1.5 months) or lower is in the reasonable range. This will depend on the type of apartment, location, etc.
15% is about as high as you can get. Try to get one month's rent. Do some searching if you're going to sign up with a broker - some of them are the scum of the earth (like Metropolitan Property Group, Caliber, etc). There are a few decent ones out there. The best guys will have a good relationship with building owners and might be able to get you a discount just by virtue of them bringing you in.
Like everyone is saying, most of the brokers have access to similar listings, so who you pick is crucial. One thing you can do is reverse Google image search on a listing to find some of these buildings and try and bypass the brokers. But they monopolize listings so it's pretty tough if you're looking for non-luxury buildings.
Are fees negotiable and if so, what would be the most appropriate way to negotiate?
Fees are definitely negotiable. Say you're willing to offer one month's rent as your fee, and they can take it or leave it. Avoid Craigslist like the plague, they are pretty much all crooks. When I was 20 I used one...later found out his "database" was just a no-fee rental database....so I basically paid him a month's rent for something I could've gotten for free if I wasn't an idiot.
Thanks OpsDude. I'm currently using StreetEasy.com to find rentals. Anyone have any other suggestions? I really don't want to use CL because I've heard of many scams on there.
I've always had luck with management companies, but you really have to know what you want.
Honestly, a lot of the comments are not accurate so far. Broker fee is typically 15% and MOST (95%) of the time this will not change under any circumstance because the inventory for entry-level desirable apartments in Manhattan is minimal.
In addition, there are no unwritten rules for using brokers. Use as many as you want, go straight to the owner and anything else that can help you save a few grand. However, most non-management buildings have full exclusivity with brokers and do not work with anyone else ever.
Now, most of the comments in this thread can become accurate if you are considering a less desirable apartment or even an expensive apartment they are having trouble filling.
If you find an apartment that you can envision staying in for 3 years, the broker fee is worth it. Remember though, NYC has so many living options and you can move every year along with your salary increases, if you want. In this case, no fee is a better decision.
Don't see apartments in buildings with a leasing office. Leasing Office-> landlord is willing to go around the broker and lease to you directly.
My advice: use brokers only if you're trying to land an older apartment (EG in a co-op) or a walk-up.
RentHop has a great blog with renting advice on it. Seriously, if you're looking for an NYC apartment, this is the site to go to:
http://www.renthop.com/news/
craigslist, you can find no-fee broker. Or you can completely bypass the broker and deal directly with the leasor, or sublet (great option) for someone trying to find their footing in a new city.
Sublets are a better option.
I don't like the idea of moving into a shared apartment as much, though. The person already there will want to split the rent with you, but not split the common storage space.
Thanks for all the advice guys. The scams I've heard about on CL are like "wire me the money and I'll mail you the keys." Also, I've heard that brokers in NY sometimes place "fake" listings that look like great deals to get their names out or something. If you ask to see the apartment, they say it just went off the market. Anyone ever deal with something like that?
This happens all the fucking time.
So what can I do to combat that? I am trying to get a decent deal for 1800-2000/mo. I would hate to be forced to pay 2300 or something because "all the sub-2000 listings just went off the market." Damn, I'm a total noob at this NY rental game...
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