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Coop owners hold shares in a corporation that owns the building. Condo owners hold title to their apartments. Difference between co op vs condo explained.

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What Is the Average Rental Broker Fee in NYC?

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How Much is the NYC Mansion Tax in 2024?

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Glossary

Gross Rent

Gross rent is the full monthly rental rate exclusive of any landlord concessions such as a free month. Brokers and landlords often advertise the monthly net effective rent in order to attract more attention from prospective renters. If the gross rent is $8,500/month for a 12 year lease and the landlord is offering one free month, this means you will only pay rent for 11 months during a 12 month lease. The total annual rent is therefore $8,500 x 11 = $93,500, which is the equivalent of $7,792/month. In this example, $8,500 is the gross rent and $7,792 is the net effective rent.

Landlord Concession

A landlord concession is some form of financial incentive offered to prospective tenants. The most common landlord concession in NYC is one month of free rent. What concessions (if any) are offered by a landlord will depend on the strength of the rental market, the amount of competition from other listings as well as the urgency (or lack thereof) of the landlord’s desire to find a tenant. As an example, a landlord may offer one free month for every 12 month lease term or perhaps one free month for every 18 month lease term. In these examples, you’d receive 2 free months on a 2 year lease or 2 free months on a 3 year lease, respectively.

Broker Fee Concession

A broker fee concession is some form of discount or reduction on the total amount of the rental broker commission payable on a rental. The easiest way to secure a broker fee concession is to request a Rental Broker Fee Rebate.