Are you considering making a move to the Big Apple? Are you going to try and find an apartment rental there? New York is one of those classic cities that most people only dream of living it. It’s bursting with activity, culture and excitement: who wouldn’t want to be a part of that? With all of the good things that come along with living in NYC, you should know (if you don’t already) that it’s home to one of the most expensive and rough rental markets there is.
For this reason, it can be damn near impossible to find a home to rent that you like and can afford to rent. If you’ve got Manhattan or Brooklyn on your radar as the most desirable borough, you should realize that you’ll probably run into a quite a few disappoints before you find something suitable enough for your needs. In short: you should be prepared for sticker shock and less space than you’re used to.
With all of this disheartening news, you should be happy to know that you don’t have to brave the search all on your own. There’s an excess of 25,000 brokers, real estate agents and sales representatives that will gladly help you locate your most ideal home: but you’ll have to pay the broker fee in New York City for this kind of assistance. So you might be asking yourself: is it necessary to use a broker? The short answer is no, but if you want an easier, more stress-free home hunting experience, using a broker would be very wise. Well, is it expensive to use a broker?
That short answer would be yes, but you can bet that you’ll save yourself a lot of precious time and energy enlisting the help of a serious broker. Paying the broker fee in New York City could even end up saving you money in the long run if you plan accordingly. New York is one of very few cities that have a broker system because of the fact that there’s so much inventory everywhere you look. With so many places out there and so many people surging in, it becomes almost impossible for rental companies and properties to manage it all on their own.
NYC Can Be Grimy
Rental markets all over the world can be cutthroat, but New York City is on its own level entirely. When new properties come on the market, they’re almost always immediately snatched up. For this reason, you have to be ready to take action on any place you might have a strong interest in. This usually means being prepared to sign a lease the same day you see a place: even the slightest delay could cause you to lose it. In New York City, property owners will require a lot of paperwork from you before you can move in and this is the kind of paperwork you want to have already waiting, ready to go.
If you’re searching for an apartment on a budget like many other people, you might commonly see the phrase “junior 45” mentioned. This just means there’s some extra space–like a den with no doors or windows–where an office or storage can be put. You might also see it noted that a particular apartment is “pre war” which means it was constructed prior to World War II. These rentals are usually heavily targeted by those renters that are looking for vintage charm. Another important thing to know about the real estate market in New York is the fact that you won’t really be able to start your home search more than a month to 45 days before you intend to move in. You’ll almost never find available apartments listed before then.
The broker fee in New York City will be slightly different from each firm, but you’ll probably be looking at 15% of your annual rent. With a little research, you might be able to find cheaper, discounted rates than that. There are brokers that charge less to begin with and some other brokers collect their fees directly from the property owner at no cost to you.
If the broker fee in New York City is 15%, how much is that going to cost you at the closing table? Signing a lease on a place for $2,000 per month would require a $3,600 broker fee. This broker fee in New York City has to be paid upfront along with the security deposit and whatever you have to pay as far as the first (or first two) months of rent. This means that you’ve got to have all of that money before you pick the final place and you won’t be able to pay with a personal check: only certified checks will work here.
Using a broker in New York City will get you started on the right foot since you’re getting expert help navigating the rough waters.
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