Use This NYC Apartment Rental Price Matrix As A Quick Reference Tool To See The Average Broker Fee That Will Be Paid Out
You are about to pull the trigger on renting an apartment in New York City but one thing on the top of your mind is figuring out how much cash upfront you are going to need in order to secure that rental apartment. Top of mind is the broker fee, first months rent, and security deposit which combined is going to poke a massive hole in your bank account. Of course you are smart enough to do the math in your head or you can also pull out your phone calculator but wouldn't you rather someone just put together an easy visual price matrix to use as reference instead of wasting anymore of your time?
As shown in the matrix, the most common average nyc broker fee for a rental apartment is 15% of the cumulated yearly rent. When the average NYC broker fee is set at the standard 15%, negotiated NYC broker fees can go as far as 10%. When brokers start to advertise and charge you a broker fee in a 'no fee building', the fee is generally usually the property manager provided incentive of 1 months rent which is equivalent to 8.3% of 1 years rent.
Now, if you are still in the middle of your apartment search and you want to save a few thousand dollars on the broker fee, check out transparentcity.co and sift through the 1800+ no broker fee buildings on our platform. By renting directly from property managers, it guarantees you bypass the middleman. Unfortunately there is nothing we can do about putting down first months rent and security deposit. We suggest asking for a raise or going back to the ramen diet.