That will be 15% of the first year's rent. Sign here.

According to BusinessWeek.com, here are some examples of current market prices:

Across Manhattan, rents at buildings with doormen started at an average of $2,499 a month for studios and were as high as $6,753 for three-bedroom units, Citi Habitats said. Studios in buildings without elevators rented at an average of $1,909, while one-bedrooms in those properties leased for an average of $2,577.

The downtown neighborhoods of Soho and Tribeca commanded the highest rents in the quarter, with studios leasing for an average of $2,220 and one-bedrooms for $3,575, according to Citi Habitats. Rents for two-bedroom units in those neighborhoods averaged $5,654.

On the Upper West Side, average rents ranged from $1,912 for a studio to $6,100 for a three-bedroom apartment.

Now, imagine having to pay a broker’s fee on top of these high rents. A broker’s fee in Manhattan is typically 15% of the first year’s rent. Not the first month’s rent, the first year’s rent! That just a hair under two month’s of rent.

That means your entry level doorman studio apartment ($2,499) commands a broker’s fee of $4,500. For another example, the one-bedroom rental in Soho or Tribeca ($3,575) would require a broker’s fee of $6,435!

Folks, those broker fees are nuts! That’s why all apartments for rent on RDNY.com are 100% no broker fee. No fee apartments in New York is absolutely the way to go!

Related Posts Plugin for WordPress, Blogger...

Written by Lorenzo

Lorenzo has been hanging around the RDNY.com office for the past 20 years, and, in the process, has become the president of RDNY.com, Rent-Direct.com, and Acmelistings.com. His mission is to build RDNY.com into New York's largest no fee apartment rental service. Before RDNY.com, Lorenzo was a Regional Sales Manager for Time Equities, Inc., one of New York's largest converters of rental buildings to coops and condos. Lorenzo was once a part owner of Swift & Watson Real Estate in NYC's Greenwich Village.

Leave a Comment

Your email address will not be published. Required fields are marked *