twitter (x) abt Brooklyn rental broker fees

There are a lot of no fee apartments out there. Why would consumer go for an apartment with an expensive broker?

Just to play devil's advocate, how did you "find it online without a broker" if the place you "found it" was StreatEasy which the broker paid to list it on?

>> There are a lot of no fee apartments out there. Why would consumer go for an apartment with an expensive broker?

Because they’re cheaper than no-fee apts, by a lot. Many/most people refuse to consider no-fee apts. Sometimes the reasoning is based in financial logic: don’t have the upfront cash; only plan on being there for a year, . More often than not, however, it is base on emotion or principle: “I refuse to ….” Like this guy on Twitter. But the reality is that if you stay somewhere for ~3 years, the fee amortizes to a cost of a few percent atop rent. And in my estimation, for-fee places can be anywhere from 10-30% cheaper than their no-fee counterparts.

If I were to ever play LL, I would definitely be no-fee. Yet another example of free — “List with me and the renter pays the fee, it’s free!” — that ain’t free.

Since COVID started the was a bunch of flip flopping back and forth between fee/no fee.

>Because they’re cheaper than no-fee apts, by a lot

>If I were to ever play LL, I would definitely be no-fee.

Makes sense.

Yes, the only no-fee rental I had was right after the GFC when a landlord was trying to move their unit off peak (February).

The twitter kid reads like a recent transplant who just discovered bodegas, and brokers fees.
Welcome to NYC kid.

I used to rent in of Rose Associates buildings. I can see prices aren’t the greatest deal for what you get, but they often offer incentives such as 1-2 months free, and no fee.
Mgmt posts to streeteasy directly.

Market has largely shifted to no fee and it is easy to search for no-fee only apartments. Why the hell would you look at with-fee apartments if you didn't want to pay the fee? As the rents are cheaper with fee as the master rental strategist NADA says. Also, fully agree that any landlord is really doing an economic disservice to themselves by not paying the broker say 1 month fee and building that into the rent so that to the renter it is no-fee. Renters just don't like to pay the fee as they view rent as the true market price and fees as unnecesary friction cost.

>> I used to rent in of Rose Associates buildings. I can see prices aren’t the greatest deal for what you get, but they often offer incentives such as 1-2 months free, and no fee.

I think these are good options for transient renters who plan on being gone after a year or two.

>> Also, fully agree that any landlord is really doing an economic disservice to themselves by not paying the broker say 1 month fee and building that into the rent so that to the renter it is no-fee.

One way in which it could make sense for a LL is a tenant paying a fee is less likely to be transient than ones attracted to no-fee, free months, etc.