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Manhattan No Fee and Fee Apartments Unveiled

No Fee and Fee Based Manhattan Apartments Unveiled

What is the difference between a Fee and No Fee apartment ? When looking to rent an apartment, should I only look at No Fee apartments ? Why am I not finding those beautiful nostalgic apartment New York City has to offer ? Why so I feel limited to my options ?

Are you looking to rent an apartment here in New York City? If so than you have been faced with the dilemma of apartments that carry a brokers fee when renting a unit. What is the fee and why does it exist ? Primarily the fee is a payment that is made to the broker or brokers involved in procuring the property lease as payment for sevices. Here in NYC just about every apartment rental has a brokers fee attached to it. Otherwise known as a Fee. The brokers fee can be anywhere from 1 months rent to 15% of a years total gross rent. This payment is for the brokers services, advertisement expenses, lease binders, Brokers Insurance and ancillary services provided to help the rental take place. Brokers insurance is the fee that is associated with our coverage for acting as a representative of the client wether rentor or rente. The cost for advertising comes from the subscription costs to publish the property online and in the real estate network of listings for rent.

What is a No Fee Apartment ? In NYC there really isn’t such a thing as a No fee Apartment. A No Fee Apartment is a rental apartment in which the landlord, management company or rental company is paying the brokers fees for renting the property. Basically the fee exists but the cost is passed onto the landlord rather than the renter. There is always costs involved when renting an apartment just that in the No Fee situation the cost can be absorbed by the person or company renting the unit and spread out over the term of the lease.

……….This was a Fee apartment………

Fee No Fee Manhattan Apartments

Fee No Fee Manhattan Apartments

 

Should I only search No Fee apartments ? The answer to this is No. When searching for an apartment in NYC you should always search all rental types. Meaning look at both No Fee and Fee based apartments. The reason for this is because you can miss out on a really nice well priced rental if your search is limited to only No Fee apartments. Fee apartment mostly consist of Condos and Coops that are owned and being subleted by another owner. If you open up your search to fee apartments as well you will see a much different population of rental properties consisting of more than your basic High Rise rental building. You may find larger spaces or buildings where the population is mostly owned instead of rentals. you can also find amenity services that are only found inside of a coop or condo building and concierge style service providers. The rental may have a home style feel instead of a rental feel as it is actually someones home you are renting. Fee apartments can also have a slightly less monthly rentassociated with them based on the simple fact that you the renter are picking up the tab for broker fees, so in the length of the lease you may be spending less annually to rent the apartment. Also here in NYC there are avenuesa and streets that consist of only owned properties like coops and condos so searching for a fee apartment can give you access to apartments in different locations that may be better for you.

Choices, Choices, Choices and more opportunities. Look at fee apartments also so you do not miss out on beautiful and much more accessible places to live. It doesn’t cost anything to search and view and the decision may become a no brainer for you. For a complete list of no fee and fee apartments for rent in the areas you are looking at, call or email me for an insiders approach and expertise.

                                                                                                                Sincerely,

Anthony Alfieri

NYS Lic Agent

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