It’s widely known that buying or selling a home in New York City is challenging and complicated, but surprise surprise — renting one can be too. With elevated rents, high upfront costs, and fierce competition, renting here is not like renting in any other city. As such, some New Yorkers decide to work with a rental agent, or broker, to help them navigate this matrix of madness. But does hiring one make sense for you? StreetEasy® has the answers to all your burning broker questions.

Manhattan Rentals Under $3,000 on StreetEasy Article continues below

Manhattan Valley

209 West 104th Street

$2,450 No Fee

Studio |

1

Hell’s Kitchen

533 West 49th Street

$2,750 No Fee

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1

Sutton Place

160 East 55th Street

$2,500 No Fee

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1

Washington Heights

920 Saint Nicholas’s Avenue

$1,895 No Fee

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1

Carnegie Hill

123 East 90th Street

$2,395 No Fee

1 |

1

Hudson Heights

225 Bennett Avenue

$2,200 No Fee

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1

Hell’s Kitchen

613 Ninth Avenue

$2,995 No Fee

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1

Lenox Hill

435 East 74th Street

$2,295 No Fee

1 |

1

Central Harlem

215 West 145th Street

$2,150 No Fee

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1

Yorkville

1729 First Avenue

$2,475 No Fee

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1

Gramercy Park

305 East 21st Street

$2,300 No Fee

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1

Hell’s Kitchen

350 West 55th Street

$2,595 No Fee

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1

What Is a Broker?

In this context, a broker is a licensed real estate professional who handles the logistics of renting out apartments. They may also be called apartment brokers or rental brokers, but simply “broker” is common. Brokers do things like finding listings, showing apartments, and helping with applications. Simply put, they act as a middle person between renters and landlords. In New York State, brokers must pass an exam and meet certain educational requirements to earn their license.

Who Does a Broker Work For?

Here’s where things can get a little confusing. On a given rental listing, you might be instructed to contact a broker, or contact the landlord (or property management company) who then puts you in touch with a broker. This broker has been hired by the landlord, and their goal is to find ideal tenants for this particular property or set of properties. They provide services to the landlord such as marketing the apartment, showing units, answering applicants’ questions, and helping with the application and tenant selection process. In other words, they primarily work for the landlord — they don’t work solely for you.

Alternatively, as a renter you can hire your own broker who works only for you: the apartment hunter. In this article we’ll address hiring your own broker, including what they can do for renters, how to find one, and the costs involved.

Reasons to Hire a Broker

A broker’s job is to find you a suitable apartment to rent, regardless of what building it’s in. They can be beneficial if you want to cast a wide net with someone who intimately knows the NYC rental market. Brokers can also be helpful to out-of-town apartment hunters who can’t do in-person tours, people with busy schedules that make searching and touring difficult, or those who are new to the NYC market.

“[Brokers] often have the inside track on landlords, their practices, and how their leases work,” says Ellen I. Sykes, a broker with Coldwell Banker Warburg.

Brooklyn Rentals Under $3,000 on StreetEasy Article continues below

Homecrest

3315 Nostrand Avenue

$1,675 No Fee

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1

Flatbush

880 Rogers Avenue

$2,885 No Fee

2 |

1

Bedford-Stuyvesant

1516 Fulton Street

$2,800 No Fee

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1

Stuyvesant Heights

1110 De Kalb Avenue

$2,314 No Fee

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1

Stuyvesant Heights

733 Madison Street

$2,600 No Fee

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1

Borough Park

905 43rd Street

$1,963 No Fee

2 |

1

Stuyvesant Heights

168 Sumpter Street

$2,895 No Fee

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2

Canarsie

586 Remsen Avenue

$2,900 No Fee

3 |

1

Dyker Heights

6705 Twelfth Avenue

$2,500 No Fee

2 |

1

Park Slope

558 11th Street

$2,450 No Fee

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1

Stuyvesant Heights

84 Chauncey Street

$2,252 No Fee

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1

Prospect Heights

755 Dean Street

$2,295 No Fee

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Your broker will contact landlords to arrange showings for you, as well as help you apply for the apartments you’re interested in. They may also be more aggressive than you might be about asking for rent concessions and negotiating lease terms. By acting as a middleperson and advocate for you, they can save you time, stress, and possibly money as they help you find a rental you truly love.

“A good rental broker will understand what you’re looking for and know which buildings might be a good match for you. They’ll be able to weed out listings that don’t suit your needs,” says Becki Danchik, another broker with Coldwell Banker Warburg. “Nobody wants to have renter’s remorse. You should feel great about the place you’re calling home, and working with a broker can help make that a reality.”

The Cost of Hiring a Broker

If you hire a broker who successfully finds you an apartment to rent, they’ll earn an agreed-upon commission on the deal. That commission (or fee) is negotiable, but usually ranges from one month’s rent to 10-15% of the annual rent. It’s paid by you, the renter. Make sure the fee and any other terms are clearly spelled out in a written agreement before you decide to work with a particular broker.

What about the other scenario we described, where you rent an apartment through a broker hired by the landlord? Roughly half the time, the renter is still required to pay a fee to this broker (typically up to 15% of the annual rent) on behalf of the landlord. StreetEasy believes brokers provide a valuable service and should always be compensated for their work, but simply put, renters should only have to pay if they hired the broker — which is why we’re advocating for reforming NYC’s current broker fee system.

Queens Rentals Under $2,500 on StreetEasy Article continues below

Astoria

31-67 37th Street

$2,299 No Fee

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1

Woodhaven

84-25 85 Road

$1,850 No Fee

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1

Astoria

34-46 Vernon Boulevard

$2,430 No Fee

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1

Astoria

23-20 Broadway

$2,000 No Fee

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1

Ozone Park

87-12 Pitkin Avenue

$2,050 No Fee

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1

Astoria

25-26 44th Street

$1,899 No Fee

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1

Astoria

31-60 29th Street

$1,700 No Fee

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1

Astoria

33-78 11th Street

$2,350 No Fee

2 |

1

Jamaica

152-09 88th Avenue

$1,938 No Fee

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1

Astoria

37-15 30th Avenue

$1,985 No Fee

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1

Astoria

30-24 49th Street

$2,499 No Fee

2 |

1

Briarwood

142-10 Hoover Avenue

$1,750 No Fee

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1

You’ll also notice rental listings advertised as “no fee,” meaning the landlord pays the broker fee. On StreetEasy, you can check the No fee box to filter for such listings. Learn more about no-fee apartments. 

For a full breakdown of fees you may encounter when renting in NYC, read our explainer or watch this episode of StreetEasy Home School on the topic.

How to Find a Broker

Word-of-mouth is a common way for New Yorkers to connect with brokers. Ask your friends, family, and extended network if they’ve worked with a broker they’d recommend, and have them put you in touch. You can also find one through a brokerage that specializes in rentals, or handles both sales and rentals (which many do).

If you have a broker in mind, search their name on StreetEasy and see if they have an agent profile, where you can learn about the broker and get a sense of their experience. Under the Active Listings tab, you’ll see their current listings — a good indicator of their activity in the market. Go to the Past Deals tab to see listings they’ve successfully rented. If they seem like they could be a good fit for your search, you can send them a message directly from their profile.

Best Practices for Hiring a Broker

A great broker can save you time, effort, and money. Here are some tips on hiring the best one for you, including what to look for and what to avoid.

• If possible, find a broker with relevant experience. Ask the broker about their previous rental deals, or check their agent profile on StreetEasy. It can be beneficial to hire someone with experience in the neighborhood, building, type of apartment, or price point you’re seeking.
• Pay attention to their responsiveness, ability to answer questions, and overall service. These qualities are essential in NYC’s complex, fast-paced rental market.
• Be wary of brokers who make you feel rushed or pressured. While brokers certainly want to close a deal, you shouldn’t be expected to make a payment right away or sign something immediately. A great broker will take the time to vet listings and walk you through the application process, so you feel comfortable.

StreetEasy is an assumed name of Zillow, Inc. which has a real estate brokerage license in all 50 states and D.C. See real estate licenses. StreetEasy Concierge team members are real estate licensees, however they are not your agents or providing real estate brokerage services on your behalf. StreetEasy does not intend to interfere with any agency agreement you may have with a real estate professional or solicit your business if you are already under contract to purchase or sell property.