The implementation of New York City's FARE Act in June has dramatically affected rental data, resulting in a 74 percent year-over-year decrease in new rental listings. Between June 11 and July 31, only 1,400 listings were uploaded to various services, compared to 5,300 the previous year. Many landlords are reportedly using alternative listing sources to comply with the law's stipulations. StreetEasy recorded an initial drop of over 1,000 listings due to compensation issues but has since stabilized, although inventory is still down 8 percent from the previous year, with Manhattan experiencing the largest decline.
New York City's new FARE Act has led to a 74 percent decline in new rental listings from June to July, limiting brokers' ability to market listings.
After the FARE Act's implementation, StreetEasy saw over 1,000 listings vanish due to unupdated compensation agreements among rental agents.
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