There are many types of rental listings in the NYC metro area.  We’ll break down the list into what the financial impact of the listings are:

OP listings are traditionally called “NO-FEE” by real estate professionals because the owner pays a portion of the broker fee to the rental agent representing you.  If an agent or broker shows you an OP apartment, unless the OP is very low, you will normally avoid paying any additional brokerage fees.

NO-FEE to the consumer, generally means that the listings in question are offered by the landlord or management company directly with no brokerage fee.  Traditionally, brokers have access to these “No-Fee” listings and charge an added 12-15% of the year’s lease as a broker fee.  At MLX, we charge $149.00 to supply you with all the NO-FEE listings as opposed to charging 12-15% of the year’s lease.

FEE listings are those for which a broker exclusively represents the owner of the apartment in the lease transaction.  Broker fees for exclusive listings are traditionally 15% of the year’s lease.  At MLX we advise you to consider all apartments.  Broker Exclusive apartments are often better deals than either the NO-FEE or OP listings for a variety of reasons:  1.  The prices are often negotiable.  2.  The owner is not paying overhead to a management company.  3.  The Brokerage fee is not factored into the rent.

The break down of all the rental apartments divided into the three categories is as follows:

OP apartments:  6% of the rental market
No-Fee apartments: 27% of the rental market
Fee apartments: 67% of the rental market

Have questions about the rental market?  Ask LaLa!

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