How Much Will You Pay Out of Pocket?
Once you’ve decided on an apartment, the first month's rent and a security deposit must usually be paid to the landlord immediately to hold the apartment. Many landlords require that rent and security be paid in the form of separate certified checks or money orders (no personal checks).
Security deposits can range anywhere from one month’s rent to four months’ rent (sometimes even more). You may also pay credit check and application fees. Rental building application fees generally run anywhere from $25-$100.
The fee is HOW MUCH?!
Manhattan broker’s fees don’t usually exceed 15% of the first year’s rent. Beware of brokers who want to charge you more. If you’re not familiar with the brokerage firm you’re working with, research the company with the Better Business Bureau to make sure they’re legitimate.
Some brokers offer reduced fees – it doesn’t hurt to try to negotiate. You can also find no-fee apartments in New York, usually by going directly through building owners and management companies, though you’ll likely spend a lot more time and effort on the legwork. Broker’s fees are typically due at the time you pay your rent and security deposit. Make sure that all brokerage fees are made payable to the brokerage firm and not to the individual broker.
