The end of forced broker fees will significantly reduce upfront moving costs for renters, decreasing average costs from $12,951 to $7,537, especially benefiting lower-income tenants.
The StreetEasy report indicates that eliminating upfront broker fees empowers renters, allowing them to move away from unfriendly conditions, as they won’t feel handcuffed by earlier payments.
With the FARE Act, landlords can no longer rely on high upfront broker fees to keep tenants from leaving, paving the way for more competitive rental markets.
Landlords who have been warned about raising rents drastically due to the end of broker fees are likely to find that competitively pricing rents will be necessary.
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