Condo Rental Fees
Started by carravan
over 10 years ago
Posts: 0
Member since: Mar 2015
Discussion about
A few questions as we embark on signing a major financial commitment in a great condo building on UES: Listing was "no fee", broker looked surprised when we showed him that on listing. Then said that was for "half" because there would have been another realtor. Then fell to roughly 25%. is he double dipping? - $2500 move in deposit? Supposedly immediately returned money? - $650 processing fee AND $500 leasing fee??? - $1000 building app fee (normal) - First and last month rental (normal) Some things here seem unusuale and / or aggressive? comments from folks appreciated.
The $500 leasing fee is usually paid by the owner and is paid to the condo. This is normal. The owner can however, try to get the sublettor to pay it but it is a bit greedy. Generally, one pays first month's rent and one month security but again, it is up to the owner. The move in deposit is normal however the amount is not. It's usually $500 and is returned upon move in provided there are no damages to the building during the move.
If the listing says "no fee" and it is indeed the agent's listing - the agent who showed you the apt, then something sounds fishy here. If it is someone else's listing, or an "open" listing, then there's nothing you can do.
The amounts are very steep so I'd be very sure that you can a) renew for at least another year or more and b) Be sure you really love this apt and that you are getting a fair rent and determine next year's rent NOW!
I would ask why there is both a "processing fee" AND a building app fee, as the building's managing agent is usually the one handling rentals, so this would seem to be a double dip.
And check to make sure that the move-in deposit is returned to you after the move if no damages have been incurred. I did run into one condo that basically charged a move-in fee based on the size of the apartment and kept it (good way to build up a reserve fund).