The FARE Act, effective June 11, mandates that landlords pay broker fees if they hire a broker, relieving renters of this hefty financial burden. Average upfront rental costs in NYC could shrink by approximately 42% due to this change. However, landlords react by raising rents or opting to fill vacancies without brokers. Despite concerns, data suggests many no-fee rentals still involve agents, indicating a potential adjustment period in the market as it adapts to these new regulations.
Renters can breathe a sigh of relief as the FARE Act takes effect, shifting broker fee responsibility from tenants to landlords in NYC's rental market.
Starting June 11, the FARE Act will significantly reduce the financial burden of broker fees on New York renters, potentially lowering upfront costs by nearly 42%.
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