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How fees work (or There's no such thing as a free lunch)

Posted by MikeW on January 02, 2002 at 13:03:18:

In Reply to: finding apts w/ low or no fee posted by maryb on January 01, 2002 at 18:41:54:

Usually, in NYC, the renter pays the broker fee. In certain situations, like a period of slack demand (like now), and/or when an apartment has gone vacant with no prospective tenant, a LL will pick pu the fee. Also, sometimes the LL will rent the apartment themselves, and to use a broker. However, apartments in these situations tend to be higher rent / unregulated apartments. If you can live with that, you can usually avoid the fee.

In regulated apartments that are a good deal (few and far between nowadays), the broker fees tend to be very high, and I would be amazed if some of that money doesn't get kicked back to the LL. Back when regulated apartments were the norm, the LLs demanded something known as key money. When this is done now, it is likely laundered through the brokers.

: my fiance and i just moved back and are looking for apts in manhattan and bklyn hts. any ideas on ways to go about getting places without paying too much. i know there are services such as rent direct and nyc apartment locators - any recommendations or insight on which ones are better?
: thanks in advance,
: maryb

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