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I'm one of those fresh grads who is moving from west coast to nyc to work. I was talking to a broker on the phone about a place in astoria (rent 1300), and she quoted her broker's fee as 12.5% of annual rent. Is that the norm here?
I can accept fees of 5-7%, but 12.5%? I mean, come on, I found the place listed on Craigslist, so I'm not so sure what has the broker done to warrant 12.5% of fees.
Maybe there is something positive that comes along with this fee that I'm not aware of. Anyone with similar experience to share?
Yeah that would be more than one month rent. My brother used AN Shell, and they charged him one months rent. That’s already steep. If you can find someone that only charges 5-7, you’re lucky.
Some brokers like to scam. Try to filter out the owners only. Also try rent-direct, lots of family and friends have used this They have one time fee. And if you don't get anything, they return your money back to you.
I'm one of those fresh grads who is moving from west coast to nyc to work. I was talking to a broker on the phone about a place in astoria (rent 1300), and she quoted her broker's fee as 12.5% of annual rent. Is that the norm here?
I can accept fees of 5-7%, but 12.5%? I mean, come on, I found the place listed on Craigslist, so I'm not so sure what has the broker done to warrant 12.5% of fees.
Maybe there is something positive that comes along with this fee that I'm not aware of. Anyone with similar experience to share?
Yes it is the norm here. Actually, that is quite low --- standard brokers fee anywhere in the NYC metro area / NJ & LI is 15% of annual rent and may even be higher in Manhattan.
If you are looking to rent something for $1,300 then you must make a minimum salary of $58,500 to be approved for that apartment. And make sure that you have a few backup apartments even if the broker says with a straight face that you are approved. Deals have been known to fall thru on lease signing or move in day.
It is a very tight rental market especially in places like Astoria & Jackson Heights which are the new uber trendy / hot spots of NYC.
On the upper east side..I think its reasonable....Family members rent for a one bedroom on the upper east side is 2500..he needed first month, security and brokers fee...so it was 7500 bucks and then some to walk in the door and of course the financials or the offer letter that stated he could afford the rent.
BTW we are both from So Cal originally. After extensive and I mean extensive searching..you can do something non broker..but honestly, you get so worn out by the entire process, that it turns out to be easier, and not worth the headache that the broker building will give.
Yeah that would be more than one month rent. My brother used AN Shell, and they charged him one months rent. That’s already steep. If you can find someone that only charges 5-7, you’re lucky.
Some brokers like to scam. Try to filter out the owners only. Also try rent-direct, lots of family and friends have used this They have one time fee. And if you don't get anything, they return your money back to you.
One month rent is standard everywhere outside the NYC metro area. If you goto South Jersey or Upstate NY north or west of the catskills you can still find somewhat affordable rents that you only need to pay 1 month brokers fee.
Brokers charge 15% because they can. Think about the amount of cash needed to rent an apartment in Manhattan. Over $10,000 in cash or certified checks plus all the various application fees. Some landlords even want 6 months or more upfront if you don't have perfect credit.
On the upper east side..I think its reasonable....Family members rent for a one bedroom on the upper east side is 2500..he needed first month, security and brokers fee...so it was 7500 bucks and then some to walk in the door and of course the financials or the offer letter that stated he could afford the rent.
BTW we are both from So Cal originally. After extensive and I mean extensive searching..you can do something non broker..but honestly, you get so worn out by the entire process, that it turns out to be easier, and not worth the headache that the broker building will give.
Why move to NYC? Just curious...
If you are from So Cal you are already used to high housing prices and probably should look at one of those luxury condos going up in Manhattan. I am sure $5,000 a month in rent would be considered a bargain coming from So Cal.
LOL...I would be shocked if so cal was that expensive for condos. See the landscape is very different..NYC is skyscrapers and such..The orange county area isnt...kind of like white plains..a small burb with a couple of taller buildings, university and then single family homes...sure people do the "condo on the beach thing"...but its a completely different landscape, renting style and also you will get more square footage..
Now, in San Fran..I have no idea..that is a more easier adjustment from what I have read..again its all relative on what you are looking for.
Thanks for the advices and replies guys. If nothing else, at least I know that the broker is not trying to cream me off with the 12.5%.
I'm not from So Cal, more from the SF-San jose area. Had been staying in graduate housing in school, so that explains the pinch I feel with the broker fees. Got the move to nyc because the most decent job offered is in nyc.
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They have one time fee. And if you don't get anything, they return your money back to you.
