This Price Matrix Is A Reference Tool For Average Broker Fee NYC Rental Pay Outs.
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 month's rent, and security deposit which combined is going to poke a massive hole in your bank account.
How Much Are Broker Fees In NYC For Rental Apartments?
Based on today's market-rate rentals, Average Broker Fees In NYC vary depending on the monthly rent of the apartment but tend to range anywhere between $1,500 to $10,000.
How Is The Rental Broker Fee Calculated?
Of course, you are able to do the math in your head or on your phone calculator but wouldn't you prefer to look at a visual chart matrix instead?
The most common average NYC broker fee for a rental apartment is 8.3% of the cumulated yearly rent, which happens to equal 1-month rent. However, the percentage does vary from time to time and can go as high as 15% of the cumulated yearly rent.
When To Beware The Broker Fee?
Be particularly careful when brokers start to advertise or charge a broker fee in a 'no fee building'. In a 'no fee' building, the broker may be paid with the 'free month' rent that would have otherwise gone to a renter who deals directly with the management company. One guaranteed way to bypass the broker fee is to rent directly from management companies. Transparentcity is a good resource for the list of no fee buildings.