What is a No-Fee Apartment?
If you’re new to New York City and deep in apartment hunting, you might be coming across the term “no-fee apartments.” If you’re unfamiliar, here’s the need-to-know on the term and what it means for your search.
Put simply, a no-fee apartment is one where you won’t have to pay a broker fee. This can save you a fair amount when you consider that a broker’s fee can range from 8 to 15 percent of your lease, or the total amount you would pay over the lease term. Any listing that isn’t leased directly through a private landlord or management company will usually come with a broker’s fee.
In many parts of New York City, it has been a long-standing practice for tenants to pay a broker's fee, which can be equivalent to one month's rent or more, to real estate brokers or agents who assist them in finding an apartment. This can be a significant upfront cost for renters. Some landlords choose to cover the broker's fee themselves to make their apartments more accessible to potential tenants. In recent years, there have also been some regulatory changes in NYC aimed at making the rental market more transparent and tenant-friendly. These changes have led to increased disclosure requirements for broker's fees and more options for renters to find "no fee" apartments.
At Renoir House, our luxury no-fee apartments take the stress out of signing a lease. You can work directly with our management to circumvent broker’s fees and get more out of your living space. One of the premier choices for a no-fee apartment on the Upper East Side, Renoir House is minutes from Central Park and offers a host of luxury amenities, from a state-of-the-art fitness center to a rooftop terrace with stunning views.
Come join us in Lenox Hill and enjoy the quintessential Upper East Side experience.