New York City's recent legislation marks a significant shift in rental practices, eliminating broker fees for tenants unless they choose to hire their own broker. This move aims to reduce financial burden on renters, setting a precedent in the U.S.
The FARE Act's approval indicates a strong shift towards protecting tenants' rights in New York, as previous laws required upfront payment of broker commissions that could reach 15% of an annual lease.
Douglass Quattrochi from MassLandlords emphasizes the importance of negotiation in tough rental markets like Boston, suggesting that tenants must be proactive to secure their leases despite existing broker fee structures.
In response to New York's legislative changes, Boston remains under regulations that ensure landlords disclose all potential fees up front, but the city still stands as the last major market maintaining broker fees.
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