How much is brokers fee nyc

Typical Broker's Fees in New York City

When renting or buying a property in NYC, brokers generally charge a fee for their services in bringing together the landlord/seller and tenant/buyer. Here are some details:

Rental Broker's Fees

  • For rentals, brokers usually charge 15-20% of the annual rental amount.
  • For a $3,000/month apartment, that would equal $450-600 per month spread over 12 months.
  • On rent-stabilized units, brokers can only charge up to 1 month's rent.

Buyer's Broker Fees

  • For home purchases, buyer's brokers typically charge 3% of the home purchase price.
  • On a $1 million home, the fee would be $30,000. This is usually split between the buyer and seller.
  • Co-op boards may require an additional fee of around 1% paid to the building.

Seller's Broker Fees

  • Seller's brokers usually charge a seller 6% of the home sale price.
  • Occasionally a discount is offered if buyer has their own broker.
  • Broker fees are often negotiated, especially for high-dollar properties.

In summary, NYC renters should budget 15-20% of annual rent for broker's fees, while buyers reserve 3-6% of a home's sale price depending on their representation. Exact fees vary by property and market conditions.

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