What is a “No Fee” apartment?
A No fee apartment is a term used when there is not an up front fee, paid by you, to a real estate broker that is helping you find your apartment.
How much can I save if I find a No Fee apartment?
The answer depends on how much rent you will be paying at your new place. A broker fee can range from 8% to 15% of your annual rent. So, let’s do some math. If you are paying $1000 per month in rent, your annual rent is $12,000. If we use the lowest percentage (8%), the broker fee would be $960.
Why is it so hard to find a good apartment with a No Fee option?
If you are looking to get a No Fee apartment, you need to act fast. Usually, if an apartment is listed as no fee, it is because the landlord believes the apartment will rent quickly, and he/she won’t loose any money with an empty unit. Obviously, some apartments are nicer than others, and are not on the market as long, so your search for a quality no fee apartment could take some time if you can’t find a place that you like
Why would I pay a broker fee?
There are a couple of reasons people are willing to pay the broker fee when looking for an apartment. First, the broker takes care of looking through all of the listings that fit your criteria, making the process much less stressful for you. Second, you are likely to get a better (nicer) apartment when you use a broker, for which you may be able to justify the expense
How can this site help me find an apartment for rent?
We will be updating this blog with available apartment listings that are listed as No Fee Apartments. We will attempt to make the search for your next apartment less stressful.