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No Fee Apartments for Rent

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Fri, Jun 22 9:00am - 1:00pm
$3,095
2BR at 146 Meserole St
Fri, Jun 22 9:30am - 5:30pm
$3,400
1BR at 247 N 7th Street
Fri, Jun 22 10:00am - 5:00pm
$4,143
1BR at 300 Ashland Pl
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14 mins  |  100
East 47th Street
Turtle Bay, Midtown East, Midtown Manhattan, Manhattan
$8,300 5 Bed 2.5 Bath
Getenet wubnech, Midtown East Expert
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No Fee
  2,100 ft² · Doorman · Elevator · Laundry in Unit · Pre-War
13 mins  |  100
West 37th Street
Hell's Kitchen, Midtown Manhattan, Manhattan
$3,200 2 Bed 1 Bath
Jason Polanco, Hell's Kitchen Expert
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No Fee
  Doorman · Elevator · Hardwood Floors
15 mins  |  100
West 40s
Hell's Kitchen, Midtown Manhattan, Manhattan
$4,990 2 Bed 2 Bath
Jeffrey Schoman, Esq., Hell's Kitchen Expert
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No Fee
  Doorman · Elevator · Laundry in Unit
1 hour  |  100
284 Mott Street, Apt 6F
NoLita, Downtown Manhattan, Manhattan
$6,595 3 Bed 2 Bath
By Jeremy Zborowski
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No Fee
 
Exclusive
  Elevator
1 hour  |  100
248 Mott St., Apt 9
NoLita, Downtown Manhattan, Manhattan
$3,695 1 Bed 1 Bath
By 9300 Realty
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No Fee
 
Exclusive
 
By Owner
  Laundry in Unit · Hardwood Floors
1 hour  |  100
55 West 11th Street
Greenwich Village, Downtown Manhattan, Manhattan
$3,750 1 Bed 1 Bath
Adrian Johansson, Greenwich Village Expert
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No Fee
  Doorman · Elevator
51 mins  |  100
East 34th Street
Rose Hill, Kips Bay, Midtown Manhattan, Manhattan
$6,000 4 Bed 2 Bath
By Eli Halali
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No Fee
  Doorman · Elevator
35 mins  |  100
Financial District
Financial District, Downtown Manhattan, Manhattan
$3,163 2 Bed 1 Bath
Suzanne Remy Colton, Financial District Expert
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No Fee
  Doorman · Elevator
6 mins  |  100
441 east 9th street
East Village, Downtown Manhattan, Manhattan
$5,500 3 Bed 1 Bath
Tom Gur, East Village Expert
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No Fee
  Laundry in Unit
1 hour  |  100
50 Battery Pl, Apt 3A
Battery Park City, Downtown Manhattan, Manhattan
$2,575 Studio 1 Bath
By Robin Iselin
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No Fee
 
Exclusive
 
By Owner
  Doorman · Elevator
1 hour  |  100
E 80th St.
Yorkville, Upper East Side, Upper Manhattan, Manhattan
$3,495 1 Bed 1 Bath
Ian J Sossen, Upper East Side Expert
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No Fee
  Doorman · Elevator · Hardwood Floors
41 mins  |  100
Wall Street, Downtown
Financial District, Downtown Manhattan, Manhattan
$3,350 2 Bed 1 Bath
Lou Bauta, Financial District Expert
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No Fee
  Doorman · Elevator
1 hour  |  100
8th Ave & W 54th St
Hell's Kitchen, Midtown Manhattan, Manhattan
$6,495 3 Bed 2 Bath
By Eric Csoka
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No Fee
  Doorman
6 mins  |  100
3 bed/2 bath Ultimate luxury i...
Hell's Kitchen, Midtown Manhattan, Manhattan
$5,675 3 Bed 2 Bath
By Nathan Applebaum
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No Fee
  1,040 ft² · Doorman · Elevator · Laundry in Unit
2 hours  |  100
1223 Bushwick Ave, Apt 2CC
Bushwick, Northern Brooklyn, Brooklyn
$2,249 2 Bed 1 Bath
By Benny Elirone
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No Fee
 
Exclusive
 
43 mins  |  100
Hell's Kitchen, Midtown Manhat...
Hell's Kitchen, Midtown Manhattan, Manhattan
$4,995 3 Bed 2 Bath
Tommy, Hell's Kitchen Expert
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No Fee
  Doorman · Elevator · Laundry in Unit · Hardwood Floors
3 hours  |  100
257 Water Street, Apt 4EW
Financial District, Downtown Manhattan, Manhattan
$7,000 5 Bed 2 Bath
By Randy Smith
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No Fee
 
Exclusive
 
1 hour  |  100
10th Ave.
Hell's Kitchen, Midtown Manhattan, Manhattan
$5,600 4 Bed 2 Bath
Ari Sobol , Hell's Kitchen Expert
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No Fee
  Doorman · Elevator · Hardwood Floors
1 hour  |  100
East 20's
Gramercy Park, Midtown Manhattan, Manhattan
$4,500 3 Bed 1 Bath
Alex Kim, Gramercy Park Expert
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No Fee
  Doorman · Elevator
32 mins  |  100
487 Clinton Ave
Clinton Hill, Northwestern Brooklyn, Brooklyn
$1,975 Studio 1 Bath
By Samer ELSamad
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No Fee
 
By Owner
 
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No Fee

The term "No-Fee apartments" is extremely confusing to most renters, even veterans who have lived in NYC most of their lives. A big source of the misunderstanding stems from two different types of apartments that one might advertise as having no broker fee. In the first case, a listing posted directly by the landlord generally has no fee, but ONLY if the renter finds the apartment and contacts the landlord without any assistance from a licensed real estate broker. In the second case, a…

No Fee Apartments for Rent

The term "No-Fee apartments" is extremely confusing to most renters, even veterans who have lived in NYC most of their lives. A big source of the misunderstanding stems from two different types of apartments that one might advertise as having no broker fee. In the first case, a listing posted directly by the landlord generally has no fee, but ONLY if the renter finds the apartment and contacts the landlord without any assistance from a licensed real estate broker. In the second case, a landlord or property manager can offer to pay broker fees on behalf of the renter, which allows any real estate broker or salesperson to advertise the listing as no fee.

How can the same apartment be both no fee and fee depending on the person advertising or showing me the apartment?

Consumers who don't understand the nyc rental market find this paradox to be one of the most frustrating aspects of the apartment search. It is actually very possible for the same exact apartment to be no fee or fee on the same day, and the difference is who is showing you the apartment. If you are able to see the apartment directly from the landlord, usually through the leasing office, then you probably will not need to pay any additional broker fee. However, if you have a professional, licensed real estate salesperson assisting you in your search, and this agent shows you the same apartment, you are likely obligated to pay a broker fee. You will normally have signed documents agreeing to pay a fee if you rent any of the apartment that agent shows you.

Does that mean I am always better off going directly to the landlord instead of using a broker?

Absolutely not! If the landlord is paying the broker fee, many renters reason they can show up without the broker and instantly negotiate a lower rent. The thinking is, by doing a direct deal, the landlord is saving a few thousand dollars by not paying the fee, and therefore some of that savings should be passed on to the renter. In practice, landlords have more loyalty to their broker partners than to any individual renter. Real estate agents bring the landlords new clients all year long, week after week. Intelligent landlords understand they need to keep the brokers happy, and certainly not allow special deals that would alientate the industry. If a building was known to quote lower prices to direct renters than to brokers, then that same building would very quickly not receive much traffic from agents.

What does 1 Month OP mean for an apartment listing or advertisement?

One month OP means that the landlord is paynig the broker one month of rent after the renter has signed a lease and moved into the apartment. Usually, once an agent shows the apartment to a customer, submits an application, and then confirms lease signing, the agent will send an invoice to the management company with the details of the deal, asking for payment. Most landlords will remit the payment within 30-60 day to the brokerage firm, and the firm will pay the appropriate, agreed-upon commission split to the agent.

Why use brokers at all when no fee apartments exist in NYC?

The founders of RentHop originally pondered this question in 2009, which led to the creation of this website! The original plan, as reported in the NY Times article Getting the Agent Without the Fee, by Michael Grynbaum, was to eliminate the need for apartment brokers entirely. The entire story is best told by Lee Lin, quoted below, in a talk he gave to Startup Institute about his experience at Y Combinator.

When we first started RentHop, we assumed all real estate agents were these evil slimeballs that charged huge fees and barely did anything. We thought we could disrupt the entire industry by creating a website and directly connecting renters with landlords. However, one of the best pieces of advice we received during the summer at Y Combinator came from Paul Graham. He told us that if we really thought brokers were useless, then we should try being brokers for a while. So we did! Lawrence and I both flew back to New York, received our real estate licenses, and spent months meeting clients and showing apartments all day long. I lost a lot of weight, climbing all those walkups and roaming around the streets of Manhattan. That was when we realized being a broker is really hard, and that a great agent adds a ton of value. They save everyone a lot of time, visiting dozens of apartments a week only showing the top ten percent or so to customers. By the end of that year, we completely pivoted the focus of our company to matching qualified renters with the best apartment listings, whether they are posted by a landlord, management company, or broker.

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