Broker Fees Are Here to Stay. Why Do They Exist in the First Place?
The New York Times
Many renters seeking to move in New York City have to pay up to 15 percent of an annual lease to brokers — regardless of whether they helped find the apartment. After a legal battle, the state affirmed this week that broker fees were legal.
On top of shelling out for rent and security deposits in New York City’s highly expensive rental market, many prospective tenants looking for an apartment must deal with another major cost: a broker fee. That hefty fee, a one-time payment that is typically between 10 to 15 percent of the annual lease amount, is paid by the renter to the broker on the listing regardless of whether the broker helped the tenant find the unit and sign the lease. For a $2,500 per month apartment, for instance, the fee could be as high as $4,500. Before renters receive keys to a new apartment, they will likely have to pay that fee on top of the first month’s rent and a security deposit, which is usually equal to one month’s rent. It all adds up to many thousands of dollars.
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