There are two ways to acquire an apartment in Long Island City, New York. One – go through a real estate broker representing the apartment owner and the new tenant is required to pay a fee for this service. The broker fee is negotiable but is typically 1 month’s rent, or 10 to 15% of the annual rent. For example, the rent rate for an apartment is $3,000 per month, making the annual amount $36,000. The broker fee rate can be $3,000 (and paid at the time of move-in), or at 15% of the annual amount, you’re looking at a broker fee of $5,400. Check one of the places to see the prices http://haydenlic.com/ .
Ouch! It’s best to negotiate and save yourself some money.
I found this information from NYBits.com. There were 192 Long Island City apartment listings, and only 11 have a broker fee. See the 4 examples below…
- Vere Apartments at 26-26 Jackson Avenue, Long Island City has a 1 bedroom rental with a broker fee equal to one month rent or $2,800
- At 11-15 46th Road, Long Island City there is a 2 bedroom rental with a broker fee equal to one month rent or $2,295.
- A 2 bedroom rental at 10-32 49th Avenue, Long Island City is listed with a broker fee of $3,200.
- And, a broker fee of $2,120 is required for a Studio apartment rental at 41-34 Crescent Street, Long Island City
Unless you desire to rent from an owner that wants you to pay out more money, no fee ultra luxury rentals in LIC are the better bet. These apartment buildings and/or property management companies usually employ a real estate broker to serve them in house at their cost and not at the tenant’s expense.
It’s nice to know that the majority of the apartments were no fee units and so many to choose from. Who really wants to pay a broker fee for a no fee luxury homes in Long Island City?