Renters: Believe it or not, here in Rockland, Orange County, and in New York City, renters pay broker fees (I know, my peers from other parts of the country couldn't believe it either when they heard this).
While there are rentals that come without broker fees they tend to either be in less-than-great shape or higher-end "luxury" apartments where the landlord either has his own leasing agent, or pays the fees of outside brokers.
Westchester does it differently. The landlord pays the fee. Nice, but the rents are much higher than the west side of the river.
Here at GPS we mostly handle Corporate Rentals where the tenants are executives from overseas. The corporation pays our fee, and the tenants come with great jobs, and most often their rent paid by their company. A typical lease is 3-5 years with a typical fee of one months rent to the tenant unless we are providing property management services. Call for more details.
In the city however, brokers frequently charge 15 percent of the yearly rent as their fee, but that can sometimes be negotiated down to around 12 percent or even one month, especially if you're willing to move fast on an apartment.
Be prepared to be scrutinized thoroughly, it sometimes seems to us that it's more difficult to rent a property than to buy, but that's a whole different topic, but if you would like to discuss your options, please give us a call at GPS 845 848 2218.
Originally posted at: http://www.wesellny.com/blog/The-Tenant-Pays-The-Fee
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