New York City Bans Mandatory Broker Fees in Apartment Rentals

New legislation in NYC prohibits mandatory broker fees, promoting fairness for renters and easing financial burdens in a high-cost living environment.

l 67%

c 33%

Mandatory broker fees to be banned in New York City, easing the burden on renters

The Independent

NYC bans unusual practice of forcing tenants to pay real estate brokers hired by landlords

Associated Press

New York City ends broker fees for new tenants in cost-cutting move

The Guardian

Subscribe to unlock this story

We really don't like cutting you off, but you've reached your monthly limit. At just $5/month, subscriptions are how we keep this project going. Start your free 7-day trial today!

Get Started

Already subscribed? Sign in

Overview

A summary of the key points of this story verified across multiple sources.

New York City Council has enacted a law banning mandatory broker fees for tenants, a practice long criticized for adding significant costs to renting. This legislation, known as the FARE Act, aims to shift the financial burden of broker fees from renters to landlords. With approximately 69% of city residents renting, the decision has garnered widespread support among tenants but faces opposition from real estate brokers and some property owners concerned about potential market impacts. The law takes effect in six months and reflects a significant shift in real estate practices in the city.

Content generated by AI—learn more or report issue.