Following the elimination of broker fees in New York City, StreetEasy reported that apartments previously subject to such fees increased in rent by an average of 5.3%. This change is marginally higher than the 4.5% increase seen for apartments without prior fees. A small fraction, only 1.7%, of listed apartments saw increases exceeding 10%. The overall average rent remains stable, with other market dynamics likely affecting rent growth during the typical summer demand surge. The median rent listed was $4,000, amidst a significant housing shortage in the city.
StreetEasy reported that rents have increased by an average of 5.3% for apartments previously listed with a broker fee since the law's implementation on June 11.
The increase in average rents is less than 1 percentage point higher than the 4.5% average increase for apartments that had no broker fees prior to the new law.
StreetEasy economist Kenny Lee indicated that the modest acceleration in rent growth is attributed to a typical surge in demand during summer months.
The report highlights a deep housing shortage in New York City where less than 1% of units priced below $2,400 a month are unoccupied.
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