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NYC Real Estate

Tips for Apt Rentals in NYC

Contact Person

When seeking an apartment rental, you will primarily be dealing with one of three people: the Property Owner, a Management Company, or a Real Estate Broker. From the onset, it is a good idea to clarify exactly who the main contact for the apartment is, as there are different fee implications depending on with whom you are dealing. RE Brokers are required by law to disclose they are the Broker representing the property. It should also be clear from the advertisement. However, since this is not always the case, if you are not sure whether you are dealing with a Broker, we recommend asking directly.

If you are dealing with a Broker, be aware of the Broker's Fee. The idea behind a RE Broker, is that they are an experienced industry professional who will show you various properties, guide you through the process, and close the deal. In exchange for these services, a typical Broker's Fee can range from the equivalent of One Month's Rent to 15% of the gross annual rent (more common). Sometimes a 15% fee can be negotiated. Whether or not there is an associated fee should be disclosed and verified prior to viewing an apartment.

NO FEE typically means NO BROKER FEE. A nominal Application or Credit Check Fee may still apply.

NO FEE apartments can be one of the following:

• A Property owner or Management Company directly leasing the apartment.
• A Real Estate Broker leasing the apartment who is collecting their fee from the Owner/Mgmt Co.
• A fraudulent listing.

In the NYC market, where demand often supercedes supply, it is likely that any apartment you rent via a RE Broker will involve a Broker's Fee. While the NO FEE apartment does exist, it is more likely to apply when dealing directly with a Property Owner or Management Company.

• Letter of Employment, verifying income and duration of position
• Current Pay Stubs
• Personal and Professional References
• Legal Photo ID: Passport, Driver's License, etc
• Tax Returns (usually last year's, but sometimes last two years)
• Financial Statement: Asset/Liabilities sheet, usually drawn up by CPA
• Bank Statements and/or Reference Letter
• Credit Check