No Fee Rentals: Broker Fees Explained

The New York City metropolitan area is unique in countless ways. The quality of its art, food, nightlife and sheer vibrancy are second to none.

That being said, the city also holds the distinction of having one of the most complicated real estate markets in the world, which has led to the outgrowth of another unique New York City feature — the brokerage fee for apartment hunters.

Why Hire a Broker?

Because the demand for good apartments is high which makes them hard to secure, particularly in the most desirable areas of Manhattan and Brooklyn. Most apartment hunters find it necessary to hire a professional real estate broker to navigate the jungle of properties available to them.

A good broker knows the neighborhoods you want, and they will have a well-established network of landlords who control the most desirable locations. They also know when a premium apartment is about to come on the market before it is visible to the public. That is generally how you beat the rush and rent your dream apartment before someone else can scoop it up.

Broker Fees

Unfortunately, that service comes at a steep price.

Most NYC brokers will charge 15 percent of your first year’s lease to help you find an apartment. This fee is generally due up-front before you sign your lease. So if your monthly rent is, say, $3,000 on a premium Williamsburg apartment, you can expect to fork over $5,400 to your broker just for helping you find it. In addition to the first and possibly last month’s rent and all other fees you may have to pay, that can sting.

No Fee Rentals

Can you use a broker and possibly avoid the fee? In some circumstances, yes.

Dixon Leasing offers all of its newly renovated pet-friendly apartments on a no fee basis. That means if you use a broker to find a Dixon apartment, Dixon will cover the fee as part of its commitment to top-level service. Alternatively, you can search Dixon’s available listings on your own in some of the metro area’s most desirable neighborhoods.

Cautionary Notes

All of Dixon’s listings are legitimate listings for high-quality apartments. This means that if you see a listing, the apartment is actually available, and when Dixon says "no-fee," it means there is actually no brokerage fee.

Not all apartments listed as “no-fee” come with such assurances. In fact, oftentimes an apartment will be marketed as a no-fee listing because it is in an undesirable area or is unusually run-down.

Not with Dixon. You will receive high quality listings with a no-hassle leasing process that’s designed to do one thing — get you settled into your new home as quickly and easily as possible.

nyc apartment hunting guide