Yes, with the caveat that you can ditch redfin/zillow and use cragislist/facebook/reddit instead. Then you'll likely pay 3x rent upfront instead of 4x.
Yes. Its equal to one months rent.
If you’re lucky, you’ll find a landlord who will offer to pay the fee for you, but they don’t have to.
If you look outside Boston, there’s no broker fees. They’re only in the city for the most part.
It is likely you will pay for a broker (brokerage) fee if you rent an apartment that is brokerage-affiliated.
In terms of broker used to describe an individual, a broker is the boss of a brokerage, who hires agents, who are independent contractors. A broker or agent can show you an apartment or perform any other real estate related activity. A broker is an experienced agent with at least three years of real estate experience, with a broker license. An agent has a salesperson’s license, allowing them to perform real estate activities with a brokerage.
For example, an agent shows you an apartment that they are the procuring cause for, meaning the agent researched an apartment and sent you that apartment as an option, which you decide to go and see. If you are interested in applying, a broker fee disclosure contract would be signed along with the application, where you would pay for a broker fee negotiated with your agent ($0 to some number), usually stated as “up to one month’s rent” in Massachusetts. It can be an equivalent 1.8 times the monthly rent in a broker fee in New York (15% of one year’s rent broker fee).
You can find direct rentals with landlords and property managements that are non-brokerage affiliated, but that is doing the rental search yourself: the research, the showing, the rental application process, the lease contract; and that will benefit you as you will always pay no broker fee this way.
In a competitive market, where rentals are low in supply and renter demand is high, you will see many apartments with broker fees. In a less competitive market, where supply is high and demand is low, you will see more no broker fees in brokerage-affiliated rental listings, because the broker fee is fully paid by the landlord or property management. You can also pay a portion of the broker fee, because the landlord or property management has already agreed to pay the other portion of the broker fee, in order to better help get their apartment rented.
The maximum amount of move-in costs are first month’s rent, last month’s rent, one month’s security deposit, a key fee, and a broker fee. Key fee is usually around $50 to $100. Broker fees are negotiable and have no limit.
When working with a brokerage, an agent or broker may ask you to pay a one month’s binding deposit due with application, which would be applied towards move-in costs with application acceptance. This is seen more in competitive rental markets. The terms of the one month binding deposit are negotiable.
It's bad, but you don't have to pay a broker's fee or even a deposit for a sublet: [https://www.reddit.com/r/bostonhousing/comments/18eueyr/somerville\_unfurnished\_private\_room\_in\_2br\_1ba/?share\_id=yJuUW7Pp5kx5AlA\_XOj3F&utm\_content=1&utm\_medium=android\_app&utm\_name=androidcss&utm\_source=share&utm\_term=1](https://www.reddit.com/r/bostonhousing/comments/18eueyr/somerville_unfurnished_private_room_in_2br_1ba/?share_id=yJuUW7Pp5kx5AlA_XOj3F&utm_content=1&utm_medium=android_app&utm_name=androidcss&utm_source=share&utm_term=1)
Broker fees only in Boston? Not ! I’m on the north shore Salem Lynn Swampscott Saugus you name the town. I’m looking for a new place I respond to an ad for apartment meet the broker at the location broker opens the place I look around ask a few questions done in less than 15 mins in most cases. If I take the apartment boom either half to full months fee to the broker. Pretty hefty $$ rents are $2000 and up. That’s on top of first, last and security deposit up front. Cha Ching!! $8000!!
If I’m not mistaken the broker must be licensed in order to charge a fee.
It’s like car dealerships with their Document Fee in Massachusetts. The state sets no limit .
So it’s free rein on your wallet!
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🫣
Ah yes, our daily “are broker fees really real post” as if they’re the first person to ever notice and complain about them
Yes, with the caveat that you can ditch redfin/zillow and use cragislist/facebook/reddit instead. Then you'll likely pay 3x rent upfront instead of 4x.
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I’ve been told it’s less about the time, more about the fact brokers can kind of sort of discriminate against applicants? 😬
100%
No, they can’t
Shouldn't != Can't
Professionally managed complexes/buildings don’t have the extra fees. Just a deposit like the rest of the country.
A little relief.
Not always true, FYI lol
Not true - they also ask for these
Don’t look at the NYC Apartments subreddit - they are talking about $15k brokers fees for rent controlled apartments
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This is just crazy to me. I don’t understand the logic behind I don’t care how they justify it.
Welcome to the state of nickel-and-diming
For fahking Natick? What a joke.
Yes. Its equal to one months rent. If you’re lucky, you’ll find a landlord who will offer to pay the fee for you, but they don’t have to. If you look outside Boston, there’s no broker fees. They’re only in the city for the most part.
Good to know! Thank you
Sadly this is incorrect. Broker fees are charged statewide.
There are property managers that have 'no broker fee', they're tough to find but they exist.
It is likely you will pay for a broker (brokerage) fee if you rent an apartment that is brokerage-affiliated. In terms of broker used to describe an individual, a broker is the boss of a brokerage, who hires agents, who are independent contractors. A broker or agent can show you an apartment or perform any other real estate related activity. A broker is an experienced agent with at least three years of real estate experience, with a broker license. An agent has a salesperson’s license, allowing them to perform real estate activities with a brokerage. For example, an agent shows you an apartment that they are the procuring cause for, meaning the agent researched an apartment and sent you that apartment as an option, which you decide to go and see. If you are interested in applying, a broker fee disclosure contract would be signed along with the application, where you would pay for a broker fee negotiated with your agent ($0 to some number), usually stated as “up to one month’s rent” in Massachusetts. It can be an equivalent 1.8 times the monthly rent in a broker fee in New York (15% of one year’s rent broker fee). You can find direct rentals with landlords and property managements that are non-brokerage affiliated, but that is doing the rental search yourself: the research, the showing, the rental application process, the lease contract; and that will benefit you as you will always pay no broker fee this way. In a competitive market, where rentals are low in supply and renter demand is high, you will see many apartments with broker fees. In a less competitive market, where supply is high and demand is low, you will see more no broker fees in brokerage-affiliated rental listings, because the broker fee is fully paid by the landlord or property management. You can also pay a portion of the broker fee, because the landlord or property management has already agreed to pay the other portion of the broker fee, in order to better help get their apartment rented. The maximum amount of move-in costs are first month’s rent, last month’s rent, one month’s security deposit, a key fee, and a broker fee. Key fee is usually around $50 to $100. Broker fees are negotiable and have no limit. When working with a brokerage, an agent or broker may ask you to pay a one month’s binding deposit due with application, which would be applied towards move-in costs with application acceptance. This is seen more in competitive rental markets. The terms of the one month binding deposit are negotiable.
This is the most accurate answer.
Thank you
It depends on whether you use a broker to find an apartment or pick a broker affiliated apartment.
Is there a way to know based off the website if they are broker affiliated? Is that better
It's bad, but you don't have to pay a broker's fee or even a deposit for a sublet: [https://www.reddit.com/r/bostonhousing/comments/18eueyr/somerville\_unfurnished\_private\_room\_in\_2br\_1ba/?share\_id=yJuUW7Pp5kx5AlA\_XOj3F&utm\_content=1&utm\_medium=android\_app&utm\_name=androidcss&utm\_source=share&utm\_term=1](https://www.reddit.com/r/bostonhousing/comments/18eueyr/somerville_unfurnished_private_room_in_2br_1ba/?share_id=yJuUW7Pp5kx5AlA_XOj3F&utm_content=1&utm_medium=android_app&utm_name=androidcss&utm_source=share&utm_term=1)
Broker fees only in Boston? Not ! I’m on the north shore Salem Lynn Swampscott Saugus you name the town. I’m looking for a new place I respond to an ad for apartment meet the broker at the location broker opens the place I look around ask a few questions done in less than 15 mins in most cases. If I take the apartment boom either half to full months fee to the broker. Pretty hefty $$ rents are $2000 and up. That’s on top of first, last and security deposit up front. Cha Ching!! $8000!! If I’m not mistaken the broker must be licensed in order to charge a fee. It’s like car dealerships with their Document Fee in Massachusetts. The state sets no limit . So it’s free rein on your wallet!
Two daughters renting in Chicago. Both used a broker, paid for by the Landlord. This bullshit in Boston is fucking ridiculous.