Tis the Season

Over the last few weeks 80% of our rental deals involved the client paying the fee. This is a huge swing from where we were just two or three months ago when 80% of our fees were being paid by the landlords.

Why the big change? Summer is to the rental business as Valentines Day is to the flower business or Thanksgiving is to the turkey business. Generally, on the first warm, sunny day in May the phones begin ringing off the hook and they don't stop until well into September. Recent college grads need a place to live, corporations here in the city tend to transfer their employees at this time of year and anyone that rented their first apartment last summer or the summer before is now ready to upgrade once their current lease is up. It all makes for some very significant demand.

Over the winter months when the rental business was not quite as hectic, landlords were offering to pay the broker's fee as an incentive to have clients brought to their buildings. But now as the summer season is well upon us and demand is way up the landlords no longer need to do this. Property is moving quickly and often its a race to the finish to see who can get their paperwork submitted first and obtain that perfect one bedroom in the West Village or Upper East Side for you and your roommate.

If you are thinking about renting an apartment this summer make sure you have your paperwork ready and your check book handy. The days of "no fee" are over and you'll need to be prepared to pay a broker's fee, sorry but......Tis the Season.