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Posted 8 mins ago
135 William Street, Apt 13B
Financial District, Downtown Manhattan, Manhattan
$6,752 4 Bed 2 Bath
Suzanne Remy Colton, Financial District Expert
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No Fee
 
Exclusive
  Elevator · Laundry in Unit
Posted 48 mins ago
19 Dutch Street, Apt 58E
Financial District, Downtown Manhattan, Manhattan
$4,800 1 Bed 1 Bath
David Gelfenbeyn, Financial District Expert
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No Fee
  Doorman · Elevator · Laundry in Unit
Posted 5 mins ago
East 75th Street with at 2nd A...
Upper East Side, Upper Manhattan, Manhattan
$4,295 1 Bed / Flex 2 1 Bath
Julie Hoffman, Upper East Side Expert
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No Fee
  Doorman · Elevator
Posted 1 hour ago
1825 Ocean Avenue, Apt 6B
Midwood, Central Brooklyn, Brooklyn
$2,199 1 Bed 1 Bath
By Joseph Lattanzi
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No Fee
 
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By Owner
  Doorman · Elevator
Posted 2 hours ago
697 Tenth Ave, Apt 5FN
Hell's Kitchen, Midtown Manhattan, Manhattan
$3,995 2 Bed 1 Bath
By Logan Padilla
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No Fee
  Laundry in Unit
Posted 51 mins ago
West Street
Financial District, Downtown Manhattan, Manhattan
$4,350 1 Bed / Flex 2 1 Bath
Melinda Calaff, Financial District Expert
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No Fee
  Doorman · Elevator · Laundry in Unit · Hardwood Floors
Posted 23 mins ago
37th Street and Lexington Aven...
Murray Hill, Midtown Manhattan, Manhattan
$3,050 1 Bed / Flex 2 1 Bath
By Zachary Shavolian
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No Fee
  Elevator
Posted 1 hour ago
E 47th St
Turtle Bay, Midtown East, Midtown Manhattan, Manhattan
$6,800 3 Bed / Flex 4 2 Bath
Bethany Hausele, Midtown East Expert
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No Fee
  Doorman · Elevator · Laundry in Unit · Hardwood Floors
Posted 1 hour ago
320 East 42nd St
Tudor City, Midtown East, Midtown Manhattan, Manhattan
$2,350 Studio 1 Bath
By Donna Conti
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No Fee
 
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  Doorman · Elevator · Pre-War · Furnished
Posted 3 mins ago
Battery Place
Battery Park City, Downtown Manhattan, Manhattan
$8,200 2 Bed 2 Bath
By Ari Izadkhah
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No Fee
  Doorman · Elevator
Posted 3 hours ago
179 Sullivan St, Apt PH4
Greenwich Village, Downtown Manhattan, Manhattan
$7,800 2 Bed 1 Bath
By Karolina Nevia
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No Fee
 
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  1,200 ft²
Posted 1 hour ago
West Broadway
Tribeca, Downtown Manhattan, Manhattan
$3,349 1 Bed 2 Bath
William Monge, Tribeca Expert
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No Fee
  Doorman · Elevator
Posted 13 mins ago
7th Ave
Theater District, Midtown Manhattan, Manhattan
$9,250 4 Bed 2 Bath
By Karolina Zimmermannova Moazed
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No Fee
  Doorman · Elevator
Posted 1 hour ago
East 14th street
East Village, Downtown Manhattan, Manhattan
$4,795 3 Bed 1 Bath
Alex Kim, East Village Expert
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No Fee
  Doorman · Elevator
Posted 2 hours ago
West End Avenue
Upper West Side, Upper Manhattan, Manhattan
$18,000 4 Bed 3.5 Bath
By David Menashe
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No Fee
  2,300 ft² · Doorman · Elevator · Laundry in Unit · Hardwood Floors
Posted 1 hour ago
Dekalb Avenue
Fort Greene, Northwestern Brooklyn, Brooklyn
$2,700 Studio 1 Bath
By Bhenisha Bantawa
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No Fee
  550 ft² · Doorman · Laundry in Unit
Posted 12 mins ago
West 103rd Street
Manhattan Valley, Upper West Side, Upper Manhattan, Manhattan
$2,895 1 Bed 1 Bath
By Empire Team
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No Fee
  Laundry in Unit · Hardwood Floors
Posted 48 mins ago
1295 Fifth Avenue, Apt 25B
East Harlem, Upper Manhattan, Manhattan
$3,375 2 Bed 1 Bath
By Kristina Rincon
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No Fee
 
Exclusive
  630 ft² · Elevator
Posted 9 hours ago
448 Broome Street, Apt 3E
SoHo, Downtown Manhattan, Manhattan
$7,950 2 Bed 2 Bath
By Joseph Counts
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No Fee
  1,100 ft² · Laundry in Unit · Loft · Hardwood Floors
Posted 4 hours ago
West 45th Street
Hell's Kitchen, Midtown Manhattan, Manhattan
$2,995 1 Bed 1 Bath
By Afik Azulay
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No Fee
  Doorman · Elevator · Hardwood Floors
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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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