Question - "No Fee" Rentals

what do you think?

is he working for free?

Less than 8 percent.

Clever of you to put that together.

Thanks, Jim.

Yes I would recommend either accepting that you'll pay a broker, or else strictly looking at NF rentals by yourself.

My numbers don't reflect what you might be able to find if you choose to look for an apartment w/o a broker though. If you want to diy you can, but you will lose a lot of options.

If he is a broker, someone is paying his fee. The only true no fees are from owners/management companies.

We post right here on Streeteasy...

SE search;

"Rentals
In Manhattan
We found 1,939 for rent by owner or broker-represented (no-fee) listings "

....out of a field of 6955

it's safe to say around 1/4 of rental listings

truthskr10
about 1 hour ago
stop ignoring this person
report abuse SE search;

"Rentals
In Manhattan
We found 1,939 for rent by owner or broker-represented (no-fee) listings "

....out of a field of 6955

it's safe to say around 1/4 of rental listings

No, it's not. Streeteasy is extremely limited for rental listings. It only includes either exclusive listings of For Rent By Owner. In this case that limits the pool considerably. FRBO's from big landlords won't include all of their inventory (in the case of a glenwood or related, etc). Not to mention opnen listings.

Thanks, folks. This has been very useful information for me.

Citi, Prudential, and TRGNY all say its about 20-25% no fee, down from last year. So three times what Jim the *** says. And THEY are fricking brokerage firms!

That figure presumably includes new construction, Roosevelt Island, etc

"That figure presumably includes new construction, Roosevelt Island, etc"

Of course it does. Why shouldn't it? TOp asked about MANHATTAN. Not pre-war. Not existing buildings. MANHATTAN. So yes about 25% of rentals, including Hells Kitchen, Harlem, BPC...its obviously higher in those places than in the WVill.

"Rentals
In All Downtown
We found 654 for rent by owner or broker-represented (no-fee) listings
Median price: $3,100 Median size: 791 ft² Median price per ft²: $53"

...out of a field of 2232 or 29%

here's a specific neighborhood, west village
"We found 55 for rent by owner or broker-represented (no-fee) listings
Median price: $3,500 Median size: 912 ft² Median price per ft²: $57"

....out of a field of 164 or 33.5%

Jason, Truth, both wrong.

8% maybe up to 12% TOPS is a "no fee" listing. I've got access to the info, you've got Streeteasy. This isn't evena fair fight. SO give up.

jason10006
about 4 hours ago
ignore this person
report abuse Citi, Prudential, and TRGNY all say its about 20-25% no fee, down from last year. So three times what Jim the *** says. And THEY are fricking brokerage firms!

What those firms are saying is that a certain percentage of there DEALS are no fee, not making a claim about what is fee or no fee on the market.

The vast majority of rentals offering OP's (owner pays the broker's fee) are in what many Manhattan consumers would consider the less desirable end of the renting spectrum with regards to neighborhood location. They tend to be in large buildings that are in the middle of their lease up (e.g. The Beatrice, The Continental, and The Gehry building) or large rental buildings that always have relatively high vacancy rates. Over the past six months, many of the predictable OP buildings in FiDi, Midtown West, and the UES have ended this concession. Even OP stalwarts like Sky Management and Icon have backed off. Croman is only doing it on two year leases and their long gone from the likes of Rockrose, most Related units, and TF Cornerstone. And forget about it for the condo market!

Renting "no fee" directly from a property manager or owner is an entirely different thing. There is no broker involved. These companies rarely charge fees for renting an apartment (though some do if their property management fee is reduced because they pick it up doing the brokerage work). If you choose to go this route, do your research on the large landlords and property managers before renting from them. Many have horrible reputations, though a few have good ones (e.g. Related). Personally, I think the best way to rent in Manhattan is directly from a condo owner. You generally benefit from a better run building, you get high quality finishes in the apartment and common areas (though some rentals have that), but most importantly, you have direct access to the owner.

On a side note, based on years of evidence I've encountered, I think the best priced listings are co-op rentals. Though there will likely be a broker's fee (as with condos), they're often under market compared to their condo and rental building bretheren. This is in part because of the cumbersome application process.