211 East 43rd Street, 24th Floor
New York, NY 10017
- Buyer Info
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- Closing Costs
- Real Estate Glossary
- Neighborhood Guide
Fee vs. No Fee - Who Pays and How Much?
While fees can vary from one situation to another, most firms in New York City do not exceed fees of 15% of the first year’s rent. Short-term leases of 3 to 6 months may incur a fee equal to one month’s rent. The exact fee charged for a given apartment listing may be dependant on a number of different factors including demand, apartment quality and co-broker involvement. Fees may be payable by either the tenant or the tenant’s employer (in the case of relocations) by either certified bank check or money order. Fees are due at or before the time of lease signing.
Please be aware that all brokerage fees are always made payable to “Level Group” and NEVER to an individual agent. You may also choose to pay fees with a major credit card, however, additional surcharges may apply. If you ever have questions about fees or any other issue in your dealings with our firm, feel free to contact our President at 212-994-9965 or via email HERE.
Under certain circumstances, a landlord or owner may pay all or a portion of the brokerage fee. A “No Fee” apartment listed by a broker in NYC simply means that the fee is being paid by someone else, not the tenant. Please note that it is illegal for a broker or agent to pay a tenant any portion of their fee (called a “kickback”) or to give the tenant any form of compensation.
In addition to the brokerage fee, you need to be prepared to pay the first month's rent and security deposit in the form of separate certified checks or money orders (no personal checks). Security deposits are usually one months rent, but could at times be two months rent or more depending on your credit or other factors.