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No Fee Apartments In NYC – The Truth About No-Fee
Fee vs. No Fee Apartments In NYC
It’s not always a better deal!
There is no such thing as a free lunch, especially in New York City!
A No Fee rental seems like an amazing deal! Who doesn’t want something for free? But is it REALLY FREE?
If you do your research you will see the truth. The No Fee concept is simply a marketing strategy.
In Manhattan we always see the pizza shops offering a free soda with two slices of pizza. But we all know that those two slices of pizza are going to be more expensive simply to cover the cost of that soda you are getting ‘for free’. The same concept applies to many purchases we make every day. Apartments are no different.
I implore you to compare the annual cost of a 2 bedroom luxury apartment in any neighborhood in New York City. Just for kicks and giggles let’s pick Chelsea.
A No Fee Luxury two bedroom rental in Chelsea rents for about – $6,900 (or more!)
That comes out to $82,800 in rental expenses for the year. Over a two year lease you are paying $165,600 (not including the usual 7-10% rent increase).
A Broker Fee Luxury two bedroom rental rents for about – $6,000 (and up)
The broker fee in this market is the standard 15% = $10,800 plus the annual rent expenses equals…. you got it! $82,800! The EXACT same amount of money is being spent either way!
If you sign a two year lease however the total for two years comes out to only $154,800. That comes out to a $10,800 savings! Notice – that is the exact amount you just spent on the broker fee!
We at Metropolis Real Estate of Manhattan have access to many No Fee listings, keep in mind however, those listings are not the best deal in town. Our agents will show you all of your options – fee or no fee. Trust that your agent knows what is best and is working their hardest for you.
Now that you know the facts, don’t narrow your search options according to the fee. It all comes out in the wash one way or another. Choose the best apartment for your needs, wants, and lifestyle. The Fee/No Fee issue is really a non-issue for the educated renter.
Click here to browse some of our listings!
Metropolis Real Estate
Jessica Mitchell – Licensed Real Estate Salesperson
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