Your lease is up, and it’s time to move. A fresh start is exciting, but first, you have to navigate the gantlet of finding and securing a new rental.
The rental market can be tough. High demand means listings disappear fast, limited availability makes options scarce, and landlords often have strict requirements that can leave renters scrambling to qualify. Navigating these hurdles alone can be overwhelming, but there’s a resource many renters overlook: real estate agents.
While most people associate real estate agents with buying and selling homes, they can also help you find and secure a rental. Whether you’re searching solo or with a roommate, working with a local real estate agent can give you the edge you need to secure your dream rental.
How can a real estate agent help renters?
A real estate agent is a true expert in their field, making them a valuable asset for anyone on the market—whether you’re buying, selling, renting, or even looking to do some home improvements. That’s because agents have market knowledge that the average person lacks.
This can be especially valuable for renters who are:
Agents can also streamline the process by sending you curated listings and scheduling viewings. But where they add the most value might be in helping renters understand what they’re signing up for.
“Most tenants can find a place without a real estate agent, but they forget to seek out someone who can help them understand what they’re signing when they sign a lease,” says Dillar Schwartz, a real estate agent in Austin, TX.
Your lease is a binding legal document that contains key information for you as a renter. All that small print includes important responsibilities, like what repairs you’ll need to fix, the penalties for late rent, security deposit terms, and even the terms for breaking the lease.
You want to be sure you’re not signing any rental agreement that puts you in a bad position financially or violates your rights as a tenant. An agent is your advocate and can help ensure your interests are represented in the contract.
How much does it cost to hire a real estate agent for rentals?
One of the biggest considerations when working with an agent is the cost. While agent fees for home sales are straightforward, it gets a little murkier for renters.
In some cases, landlords pay an agent’s commission, but in competitive markets, the renter is often responsible for a broker’s fee. The standard fee can vary by location and property:
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New York City: Often one month’s rent or 15% of the annual rent
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Other markets: Some landlords cover the fee entirely, while others split costs.
If that sounds outrageous, you’re not alone in thinking so. Many markets have called for reform, and in November 2024, New York City passed the Fairness in Apartment Rentals Act. This bill shifted the broker’s fee to the party that hires the broker, meaning that, in most cases, landlords, not tenants, are responsible for broker commissions.
However, if you seek out and hire an agent to help find your apartment, you’re still on the hook for their commission.
Pros and cons of hiring a real estate agent for rentals
While it might sound dreamy to have a real estate agent handle your rental search, it’s not always a perfect solution. Before deciding if a real estate agent is the right choice for your apartment hunt, it’s important to weigh the advantages and disadvantages.
Pros
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Access to exclusive listings: Agents might have access to rentals not publicly listed online, giving you a wider selection to choose from.
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Time savings: Instead of sifting through countless listings, an agent can send you curated options that match your criteria.
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Market expertise: An agent familiar with the area can help you find a good neighborhood within your budget.
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Lease guidance: Agents can help you understand lease terms, ensuring you’re not signing anything that could put you at financial risk.
Cons
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Broker’s fee: In some cities, you might be required to pay a broker’s fee, which can be a significant expense.
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Limited availability of agents for renters: Some agents prioritize home sales over rentals, making it harder to find someone willing to work with you.
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You can do it yourself: Many rental listings are publicly available, and with proper preparation, you can navigate the process without an agent.
If you choose to search for a rental on your own, being fully prepared can help make the process smoother. Check your credit score, gather references, and ensure you have enough savings for application fees, security deposits, and the first month’s rent. In competitive markets, having these details ready can make the difference between securing an apartment or missing out.
How to find a real estate agent for rentals
So, you’ve decided to hire a real estate agent for your rental search. Follow these steps to find the best agent for your needs.
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Evaluate availability: A good rental agent should be responsive, knowledgeable, and willing to work with your budget and timeline. Choose an agent who listens to your needs and offers valuable insights.
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Search online listings: Websites such as Realtor.com® list rental properties along with the agents representing them. You can contact agents directly to inquire about their rental services.
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Ask for referrals: Friends, family, or colleagues who have recently rented through an agent might have recommendations. Even if an agent specializes in home sales, they may refer you to a rental-focused colleague.
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Check local real estate offices: Many real estate brokerages have agents who handle rentals. Call local offices, and ask if they have specialists in rental properties.
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Verify credentials: Ensure the agent is licensed and in good standing with local real estate boards. Look for online reviews and testimonials to assess their reputation.
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Discuss their services and fees: Before committing, ask potential agents about their process, the types of rentals they handle, and any fees involved. Clarify who is responsible for paying the broker’s fee.
