What a No-Fee Apartment Means in NYC
Looking for a luxury apartment in NYC can be challenging, thanks to real estate-specific jargon. One term you've likely come across is a no-fee apartment since Gateway offers this perk.
What does that mean? Using a broker to help you find a rental is standard. But it isn't free. Someone has to pay for this service. Keep reading to learn more about what "no fee" truly means.
What's a No-Fee Apartment?
Basically, a no-fee apartment is a rental for which the tenant doesn't pay a commission or a broker's fee. But, like so many things in NYC real estate, there are more details you should know.
What is a Broker's Fee?
Now that we have a definition of a no-fee apartment, you should know how rentals with fees work. In short, renters who use a broker to find a unit pay a broker's fee. How does it work? If you hire a broker who finds you an apartment, they will get an agreed-upon commission on the deal.
How Much Are Broker Fees for Renters?
The fees charged by the broker vary. For example, prices for Manhattan rentals may be higher than apartments in Queens, which have a lower median asking rent. The broker's fee is somewhat negotiable, but generally, it's either one month's rent or up to 15% of the entire year's lease. That's on top of paying your first month's rent and security deposit.
Were Brokers' Fees Abolished?
In 2020, the state changed the broker fee regulations with the Statewide Housing Security & Tenant Protection Act of 2019. The guidance states that a prospective tenant can't compensate a landlord's agent (aka listing agent), but a judge ruled in April 2021 that the state misinterpreted the act.
Saving Money With a No-Fee Apartment
Gateway luxury apartments in Battery Park offer no-fee resort-style amenities at a prime location in Downtown NYC. Enjoy our Hudson River waterfront, pet-friendly community without worrying about paying an intermediary.
Gateway: No-Fee Apartments in Battery Park, NYC
A new, no-fee, pet-friendly apartment in New York City is the best place to live your best life. Find exotic cuisine and world-class attractions at your doorstep in Battery Park. Schedule a visit to Gateway today.