The recently passed FARE Act aims to eliminate broker fees for tenants in New York City, potentially reducing the average upfront rental cost from $12,951 to $7,537.
With 46.8% of NYC rentals charging broker fees, the financial burden has severely restricted tenant mobility, with many unable to afford moving to less expensive options.
Supporters of the FARE Act argue that requiring landlords to disclose fees will lead to greater transparency and empower renters, benefiting the overall housing market.
Critics warn that shifting broker fees to landlords might lead to increased rents, yet data from StreetEasy indicates no significant rent increases over the past decade.
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