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brokerage fees & rent hike on new lease

Posted by Dougal on December 20, 1999 at 19:07:42:

I have been sharing an apartment with friend/leaseholder.
He has left and wishes for me to take on new lease.
Broker wants 15% of new annual rent plus a minimum 18% rent increase
(more subject to apartment inspection/necessary repairs).
2 questions:
1. Can a broker charge such a fee when they haven't 'found' the apartment for the new tenant,
even though I'm in it?(albeilt illegal sublet)
i.e. is its payable purely for securing a lease?
2. What, if any, are the legal rent increases for a new lease?
18%+ sounds steep. I do not know for sure whether the apartment is rent-stabilized
- there are about 30 units, the last lease was signed about six years ago.

Thank you,


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