About half of the apartments on the market for rent in Manhattan are “no-fee” which means that you do not have to pay the traditional broker’s fee, which is 15% of the annual rent.
The best way to find a no-fee apartment in NYC is to do a search on StreetEasy and check the “No Fee Only” box when adding your search requirements. StreetEasy’s associated website, NakedApartments, is another great source for no-fee apartments.
There are many no-fee apartments however, that are not listed on StreetEasy. The best way to find those apartments is to visit the websites of the landlords or management companies who handle the leasing of the properties.
Below you will find a list of some of the top websites in NYC that offer apartments for rent with no broker’s fee.
The Brodsky Organization has developed over 8,000 apartments in more than 80 rental, condominium and co-op buildings. The buildings are located in Greenwich Village, West Village, Chelsea, Midtown West to Morningside Heights and Midtown East to Carnegie Hill and Downtown Brooklyn.
Jakobson Properties owns and manages more than 50 buildings throughout various New York City neighborhoods including Greenwich Village, West Village, Chelsea, Upper West Side, Lower East Side, East Village, Murray Hill and the Upper East Side.
Time Equities has a wide-range of properties located in the Upper West Side, Murray Hill, Greenwich Village, West Village, Soho, the Flatiron District and the East Village.
Urban Sherpa works with over a thousand landlords and management companies to develop and update their database of no fee apartment rentals in Manhattan.
If there is an apartment that you would like to rent that is being represented by a real estate broker who is charging the traditional broker’s fee, it is important that you work with an experienced broker to represent you.
Be aware that if you work directly with the landlord’s broker you are giving up some of your rights.
For apartments with a broker’s fee, the tenant pays the same broker’s commission regardless of whether the tenant works directly with the landlord’s broker, or works with their own broker. If you are a tenant, why not work with a tenant’s agent who will represent your best interests?
If a tenant goes “direct” and works directly with the landlord’s broker, a dual agency is created. With a dual agency, the tenant and landlord are giving up their right to undivided loyalty.
Tenants should carefully consider the possible consequences of a dual agency relationship before agreeing to such representation.
The goal of dual agency is impartiality, fairness and equal treatment of both parties. The limitations on loyalty (advocacy) for example, result in the following:
- No advocacy for either client: treat both clients the same;
- No negotiating for either client; and
- No advising either on price or terms.
Thus, dual agency necessarily results in a lower level of service and can end up costing you more.
It’s my pleasure to help direct people to no-fee listings. In the event that there is an apartment that you would like to rent that is associated with a fee, please consider using me as your agent. There is no extra charge to do so and the majority of the time I am able to save my client’s money by successfully negotiating the rent to a lower price.
Contact Dickse Fitzgerald, an exclusive tenant and buyer’s real estate broker.