What You Should Know About Renting an Apartment in New York City (Manhattan)

I lived in New York City (Manhattan) for 18 years - right in the theatre district. The best part, I lived in a 1-bedroom, rent-stabilized apartment. The only thing better would have been a rent-controlled apartment.

Following some things you should know about renting an apartment in New York City. Take notes and good luck!

No Fee vs. Fee Apartments: No-fee apartments refer to those you don't have to pay a realtor's fee for. They are usually rented out by management companies and/or private individuals.

The competition for these are stiff because realtor fees run anywhere from a low of 10% up to 15% of the first year's rent. For example, if an apartment rents for $1,000/month, then at 10%, the realtors fee would be $1,200. At 15%, it would be $1,800.

And, this is in addition to first month's rent and security deposit. Some apartments require more than one month's security, so be prepared.

So, in light of this, what is the advantage in using a realtor to find an apartment in New York City? In short, they hold the keys to the kingdom.

Advantages of Using a Realtor to Secure an Apartment in New York City

In short, realtors have the supply. Many apartments in the city are never advertised, they are listed with real estate agencies - who may or may not advertise them. What's for sure is, realtors are the first ones to know when an apartment is up for lease.

And, most apartments in New York are rented within days - many on the first day it becomes available. It's not unusual for 20, 30 or 40 potential tenants to show up at open houses. Again, especially if it's considered a good deal (read "affordable).

Paying a realtor for their inside knowledge can save you months of pounding the pavement.


I got lucky when I rented my apartment. The neighborhood I rented in, Hell's Kitchen, wasn't the trendy location it is now and apartments could still be found via newspaper ads (I found mine listed in the Village Voice, a trade paper for the artistic community).

The advent of the Internet and the demand has completely changed this.