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> A lot of brokers work on commission that they get from the landlord. It depends on the city. In NYC, the broker is pretty much always paid for by the person
by jrockway 5y ago
> A lot of brokers work on commission that they get from the landlord.
It depends on the city. In NYC, the broker is pretty much always paid for by the person looking for an apartment, and it's quite a bit of money. I haven't looked for an apartment for 10 years, but I think it was 5-10% of the annual rent. (I imagine this gravy train is coming to its end, though. 10% was fine when your employer was paying for relocation, but in the All Remote future, this free money goes away.)
- codewithmatt 5y agoI think in NY specifically it's still structured this way. But for the US as a whole, it's much more common for it to come out of the seller's end. Honestly here in Austin, unless you're walking into an apartment leasing office -- you're going to waste so much on rejected application fees by not utilizing an agent to rent a single family home.
- tecleandor 5y agoKind of similar in Spain. Usually it's equivalent to a whole month rent. A new law a couple years ago mandated that, if the landlord is not a person (a corp / company / org...) they must be the ones paying the fee. But I've been "extorted" twice in the last year by companies moving the payment to my person. And I say "extorted" because they defer details or information about the rental until the last minute, when you are days away from having to leave your old place and you have no other option.